Independent Professional Financial Advisors on public sector superannuation schemes?

D

Dave Vanian

Registered User
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Does anyone know of someone who will give advice on a professional fee basis on the various public sector superannuation schemes? Someone who really knows the ins and outs of these schemes and isn't just trying to sell AVCs or any other services.

From reading all the threads here, I can tell that some of the Askaboutmoney regulars have a lot of knowledge on this topic, but I've no idea if any of these are professional advisors or just smart people who have acquired a lot of knowledge.

Does such an advisor even exist?

Just to be clear - the requirement is for fee-based advice on just the superannuation schemes themselves and nothing else. I know that some of the better financial brokers out there have a good working knowledge of public sector pensions and will give advice, but only as part of a wider financial services offering.

Thanks in advance.
 
Hi Dave,

Ive been asking this question on AAM and elsewhere over the last 10 years and havent really got a satisfactory answer.

Ill search for the questions and bump the replies if they are still around.

aj
 
Thanks aj,

I also put the query in a different forum and got broadly the same response. I find it surprising - I would have thought that it could be a nice little niche business for someone.

I seem to recall some years back that when Cornmarket were being named and shamed on Prime Time for pushing AVCs instead of NSP, their defense was that they weren't authorised to provide advice on the NSP as it's not a financial product.

Which presumably means that if someone wants to advise on public service pensions only, they wouldn't even require authorisation as a financial advisor by the Central Bank. I think the Central Bank or Financial regulator did admit at the time of the Cornmarket shaming that the NSP was outside of its remit.

So how about it - any of the many Civil or Public Servants who took early retirement recently want a bit of income on the side?
 
I know 2 people who left on the exit scheme, one in particular would have had a lot of knowledge built up. She's in her mid 50's so I suppose she could do it. From the little I know it's an area that gets a shed load of circulars every year and I know myself I only read a circular if I need to.

I know they don't like answering general questions as everyone's case is different. The year you started dictates what scheme you pay into, whether you pay widows and orphans, what prsi class, what age you can retire. Did you have a break in service, did you get a refund of superan before, officer v non-officer grade. I'd be a bit like that when I get a general HR question, always 2 sides

They do have one to one meetings with staff members, well they use to. I hear they are flat out doing pension estimates for staff considering retiring before Feb 2012.
 
Hi becky,

Thanks for your input. It certainly sounds like there would be an opportunity for someone to set up a little business as an advisor on all the ins and outs of the schemes.

DV
 
Hi Dave

If you are working in the public sector then perhaps your organisation provides retirement planning courses? If so, they may well use a company or consultant who is expert in the Superannuation schemes. We did one in HSE and the pension guy was excellent. He is based in Meath I think. If you want I will search for his details. Slim
 
Hi Slim,

I don't work in the public sector. I work in finance and because of this I am occasionally asked to give advice on public sector schemes. I have a reasonable working knowledge but I am far from being an expert on the finer points, some of which becky has alluded to above. So rather than bluff, I was hoping to get a recommendation of a true expert, who I could refer people to.

If you could root out details of the Meath guy you refer to, I'd appreciate it.

Thanks, DV
 
Hi Guys,
Could anyone direct me to information on the public sector early retirement scheme I noticed a headline today that stated they were offfering 50% of final salary before recent cuts to anyone out by Feb 2012 applications due in Nov. Not sure if I qualify but would love some information. Thanks Laoisa
 

Hi

The scheme of early retirement involves an actuarial reduction in the pension and lump sum if you retire before age 60, as long as you are at least 50 by date of retirement. There is currently no other early retirement scheme, no added years unless by virtue or professional qualifications etc. The upshot is that to get 50% of final salary based on pre-cut rates at retirement at latest next February, you will need to have 40 years service by then. Now, minimum retirement ages vary across the public service so you need to check with your own HR section. Slim
 
There is an ex Dept Finance guy called Billy Power who provides expert consultancy to a number of public bodies. He is mentioned in this PQ response. I don't have contact details unfortunatly.
 
Folks, Have a look at www.cspensions.gov.ie. All the circulars you'll ever need are there. Also a very good pensions modeller. HSE staff also have an exclusive intranet site where you get top info.
 
ajapale said:
Thats great but public sector schemes outside the public service are not included.
Click to expand...

There are not too many outside the public service itself. And any that are should have their own trustees and be regulated by the Pensions Board, who will ainsist in info being available and circulated to all staff/members.
 
I can probably assist here. I have 30 years experience in Public Service Superannuation, 10 years spent in a Local Authority Superannuation Dept and 16 years with a broker specialising in this area. I still keep up to date with current changes and would frequently give independent advice
 
Used to work for one of the AVC providers for Public Sector
 
Fair enough, but can advisors from such a background be truly classed as "independant"?
 

At long last I receive dthe info from HR...look here
www.retirementplanning.ie
Good luck
 
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