I am in a pre 1995 defined benefit scheme, semi state.
I have recently gone part time for child care reasons. I expect to remain part time until I reach retirement (I am 46).
Based on current salary my pension would only be 6-700 p.m. less than the gov contributory pension. I have been looking for ways to compensate the low value of my defined benefit pension scheme on retirment.
I have investigated AVC's and the in-house pension advisor believes that it would not be much to my advantage. I have a small supplementary income from a property investment and do have a tax liability.
I wanted to take out a prsa and perhaps transfer some of my SSIA into it however It seems that people on a defined benefit scheme are not allowed to take out a prsa?
Has anyone any suggestions as to how I can make up my future short fall in pension?
Thanks in advance
I have recently gone part time for child care reasons. I expect to remain part time until I reach retirement (I am 46).
Based on current salary my pension would only be 6-700 p.m. less than the gov contributory pension. I have been looking for ways to compensate the low value of my defined benefit pension scheme on retirment.
I have investigated AVC's and the in-house pension advisor believes that it would not be much to my advantage. I have a small supplementary income from a property investment and do have a tax liability.
I wanted to take out a prsa and perhaps transfer some of my SSIA into it however It seems that people on a defined benefit scheme are not allowed to take out a prsa?
Has anyone any suggestions as to how I can make up my future short fall in pension?
Thanks in advance