Hi Folks
I'm due a DB pension @ 65 worth 50/75ths of my final salary or a lump sum with a commensurate reduction on the annual pension.
I'm also contributing to an AVC at a level that will be worth c. €200k when I'm 55. While the AVC is managed by the company, they do not contribute.
If I retire @ 55, I know I'll lose 10/75th of my DB pension at 65 but my questions are:
1. If I retire at 55, can I take my AVC to the full max €200k tax free? I assume my company would have to agree? The DB rules/laws seem to stipulate that you can only take 1.5x final salary from a DB scheme which I expect won't be anywhere close to €200k. Does the AVC avoid this? The rules and law seem unclear if you've set aside your own AVCs.
2. If I retire at 55, will I be forced to put funds into an AMRF at that stage considering the DB pension won't kick in until I'm 65?
Many thanks for any help.
Thomas