how many pensions?

[sorting it!]

just wondering how many pensions someone can have? i work for the state so automatically pay into a pension fund. I am considering topping this up wit AVC's as its the only way i could retire early if it was something i wanted to do in the future. (just being prepared!!). I am just about to look into starting a private pension aswell but thought i might get the answer im looking for here. Would i be better off putting the money towards my AVC's or do private pensions offer different interest rates that would be worth starting aswell? I am in my 20's so will be paying into it for a long time yet.
Lastly, if i had a pension from work, am paying PRSI to get a state pension and had a private pension would that be 3 pensions? is that allowed?

 

[LDFerguson]

Re: how many pensions??

There's lots of relevant information in the Public Sector Pensions forum, which may be of use to you.

If your only source of income is your income from the State, you can only make contributions to the main superannuation scheme and either an AVC (through whatever broker your employer or union has appointed) or AVC PRSA (which you can source from any broker or provider you choose).

If you contribute enough eligible PRSI contributions through your career you will also be entitled to the State Contributory Pension as well.

 

[oysterman]

Re: how many pensions??

If you contribute enough eligible PRSI contributions through your career you will also be entitled to the State Contributory Pension as well.

But that will be integrated with your public service pension so you'd never be able to get a pension of greater than 50% of retirement salary plus 150% lump sum (with full service).

 

[asdfg]

But that will be integrated with your public service pension so you'd never be able to get a pension of greater than 50% of retirement salary plus 150% lump sum (with full service).

You have to work for 40 years in order to get the pension you state. The OP is considering taking early retirement if possible. You need to keep an eye on it so that you are not over providing for retirement. Remember you salary is based on final salary whereas revenue allow you to add BIK etc. to allow for higher pension.

 

[sorting it!]

thank you for your replies. i don't really have alot of knowledge re:terms etc.. so would you mind explaining BIK? so basically ill have my state pension from paying PRSI and my work pension which ddepends on my contributions over the number of years i work? thanks in advance!

 

[asdfg]

BIK (benefit in kind) See defination [broken link removed]. Your salary is increased and revenue allow you to take this increased income as a pension. You can fund this additional salary by contributing AVCs. Your pension from employment is based on final salary. Not sure if state employment pensions are DB or DC. See here for explanations. some DB schemes are integratted which means that your company pension is reduced by the state pension ot a proporation of it depending on the number of years worked.