Recently retired early at age of 63 on health grounds and was late entrant to Civil Service (1997). Joined AVC Plan in 2006, and total contributions up to 2015 was 40K.
My normal pension age being 65 is coming up in 5 months time, and today the statement arrived in post.
Details are: Value AVC contributions = €35K. Pension = €1,076 p.a. (€20 p.week).
Other option is part of retirement fund taken as lump sum & balance (a) used to provide reduced pension, or (b) invested in ARF, or (c) taken as a taxable lump sum.
If I live up to age of 80, this means 780 weeks from age 65 to 80. Divide the total contributions of €35K (current value, not 40K deducted from my salary) by 780, and the weekly sum is €44.87!
I'm fully aware of values of funds fluctuate, and the advice in the statement was to review the plan with a financial advisor.
Quite disappointing- if I had a bit of foresight years ago, the contributions would have been invested in State instalment savings or just spend on oneself!
My normal pension age being 65 is coming up in 5 months time, and today the statement arrived in post.
Details are: Value AVC contributions = €35K. Pension = €1,076 p.a. (€20 p.week).
Other option is part of retirement fund taken as lump sum & balance (a) used to provide reduced pension, or (b) invested in ARF, or (c) taken as a taxable lump sum.
If I live up to age of 80, this means 780 weeks from age 65 to 80. Divide the total contributions of €35K (current value, not 40K deducted from my salary) by 780, and the weekly sum is €44.87!
I'm fully aware of values of funds fluctuate, and the advice in the statement was to review the plan with a financial advisor.
Quite disappointing- if I had a bit of foresight years ago, the contributions would have been invested in State instalment savings or just spend on oneself!