The Defence Forces Scheme is rather unique and might detract from the substantive issue being discussed in the "AVC's and Public Servants" thread. .
2.7.4 The Defence Forces Pensions Schemes are a distinct superannuation code intended to cater for the special requirements of the Defence Forces and are quite different from the codes applicable elsewhere in the public service. Distinctive features of the code include provision for the immediate payment of pensions and gratuities regardless of age after relatively short periods of service (five years for gratuity only and 12 years for pension and gratuity in the case of officers; three years for gratuity only and 21 years for pension and gratuity in the case of enlisted personnel) and the absence of provision for the preservation of benefits.
2.7.5 Unlike most other public service superannuation codes, the Defence Forces code is generally not directly pay-related in that many of its benefits - pensions in particular - are not directly based on pay at date of retirement, but are flat rates based on rank, service in rank, and overall service. Benefits under the code are generally revised in line with movements in the pay of serving personnel.
hello,
Ive been listening on the media for some time now about pensions and how they could benefit a person if one was on 42% tax rate well im on that rate and havent a clue where or how to start researching the subject there is so much to take in and it all seems to be in legalesse language and making not much sense to the working man.
I myself am in the defence forces for 20 years now and next year I can go out on a 21 year pension.
For me to leave next year i would get €250 (approximately) a week and if i stayed until 31 years this pension would rise to €330 a week through various increments throughout between 21 and 31 years of service.
Then at the age of 65 this 31 year pension reverts back to the 21 year rate bearing in mind that this pension is non-contributary and is indexed linked to benchmarking and other payrises. Also i would be entitled to the old age contributary pension.
The thing is that im now 37 years of age and see that this pension wont be enough to live on in years to come and I want to take out some kind of extra supplement to bring my wage up to what im getting now and taking into consideration inflation and other factors over the years the question is how or where does one go and is there a product for me out there???
Ive gone to the banks before 2004 and they said they couldnt help me as I already had a work pension on the way in the future, but its opened up now and seemingly everyone can step aboard and top up there pensions to a respectable amount of money.
Advice and tips would be appreciated my regards
you would have to start a private pension plan try nothern rock and dont be discouraged by recent events by them.
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