Financial advice - AVC's?

H

homebird

Registered User
Messages
92
I am a 55 year old teacher who is on the pre-2004 pension scheme. I am on the top point of the salary scale. I am paying for 6.5 years notional service since 2011. I have to pay this until I am 60. I am divorced with 3 children, one of whom needs care for the rest of her life.

I have money to invest. I believe the most tax-efficient thing to do is to put the money into a fund to top up my pension. Ideally, I need something that will be there for the children, if I do not live long into retirement.

My ex insisted on taking my death in service and death in retirement benefit as part of the divorce settlement. I believe that this fund could only go to a husband. I would have liked it to go to my children. (Hopefully, I will outlive him...)

I think the best thing would be to talk to a financial advisor? Any recommendations - based in Dublin but able to travel.
Are the various funds comparable? I know I need to consider the upfront fees of setting up such an arrangement.
 
Will you have the full 40 years service, when the 6.5 years notional service are included?
 
If you will have close to full service, 40 years, then are you sure that you need or want to enhance the pension further?

There probably is scope to do AVCs, even with 40 years service, but the question is should you.
 
homebird said:
My ex insisted on taking my death in service and death in retirement benefit as part of the divorce settlement. I believe that this fund could only go to a husband. I would have liked it to go to my children. (Hopefully, I will outlive him...)
Click to expand...

I don't understand the reference to "fund" here. PS pensions in Ireland are unfunded.

Death-in-service means that if any PS dies, their next of kin gets a lump-sum death benefit of between 1x and 1.5x salary.

The death in retirement refers to half of your pension being paid after your death to your husband. I don't know how this works in a divorce.
 
www.expertadvice.ie

Expert Financial Advice to the Public Sector | Ireland | PSRA

PSRA deliver expert financial advice to those who work in Ireland's public sector. Advice given on Superannuation, Buying back years, AVCs, Notional Service and related pension planning. Investment, savings and insurance advice also given.
www.expertadvice.ie www.expertadvice.ie

The above are independent advisors who specialise in public sector pensions.

I used them about 10 years ago and found the session useful to look at my options.

If you are going for someone like above make sure to do lots of research yourself first so that you will know what to ask etc.
 
You must log in or register to reply here.
Back
Top