Last minute AVC for public servant and pension advice.

R

rum and black

Registered User
Messages
51
Asking for partner:
I work as an SNA since April 2006 ( so new entrant). I have worked in this position full time from April 2006 to 31st August 2018. I have been job sharing 50% since.
Prior to my permanent appointment in 2006 I had some subbing from 2005 which I am trying to buy back along with some work in 2002 as a census enumerator 8 /10 weeks and in 1988 doing the Labour Force Survey 6/8 weeks. All of which I am trying to get added as service.

I took early retirement/voluntary redundancy package from Fingal County Council in January 1988 when many civil and public servants retired. With this package I received a Lump sum of 5640 pounds on which I paid 1123 pounds to the spouses and Orphans scheme. I also receive a pension which then was 1820 pounds and currently is 6400 euro.

I applied a few weeks ago to retire on 31st August 2022 the natural end of the school year as I will be 65 in August and ready to say goodbye.

I would like to buy a last minute AVC and informed Dept of this. I assume I need to have details of my lumpsum and package before I retire to do this. My salary is currently 42190 and with added service I will probably have 15 years service. Think lumpsum would be in the region of 22000 and pension about 55 euro a week

The Department have acknowledged my request but indicated" that they aim to pay retirement benefits to nominated bank account within 12 weeks from the date of retirement (31st August 2022) provided all relevant info has been received" "

If the information available to Pension Section is in order it will not be necessary for Pension Section to contact you again until after retirement date. At this time Pension Section will write to you to outline details and lumpsum awarded"

So my question is Any idea of how much of an AVC I can do. I have rental income in region of 35000 gross per year. Would this make a difference. Would my previous retirement package influence this also.
Is it reasonable to expect the Department to supply figures before retirement date and I presume last minute AVC must be done before 31/8/2022

All thoughts appreciated
 
Your department should give you your exact length of service.
They should also confirm what added service you are being awarded on retiremenr prior to retirement eg (professional added years)
Tell them it's for an avc and that you need the exact figures.
I can understand they may want to phrase it as estimate (in case of error) but its not unreasonable to get estimated figures in advance of retirement.
 
Bolter said:
Your department should give you your exact length of service.
They should also confirm what added service you are being awarded on retiremenr prior to retirement eg (professional added years)
Tell them it's for an avc and that you need the exact figures.
I can understand they may want to phrase it as estimate (in case of error) but its not unreasonable to get estimated figures in advance of retirement.
Click to expand...
Thanks Bolter, that's what I thought especially considering that they have over 6 months notice. I understand they cannot be 100% certain as I could be sick, unpaid leave etc in the meantime but felt it was an inadequate answer and I did tell them I wanted to buy a last minute AVC. Am I correct in assuming this must be done before I retire and not the end of the tax year.
 
rum and black said:
Thanks Bolter, that's what I thought especially considering that they have over 6 months notice. I understand they cannot be 100% certain as I could be sick, unpaid leave etc in the meantime but felt it was an inadequate answer and I did tell them I wanted to buy a last minute AVC. Am I correct in assuming this must be done before I retire and not the end of the tax year.
Click to expand...
If you want to invest "last minute AVC" it MUST be done before you retire. Most AVC providers will need at least a few weeks before you retire to set it up.
 
Out of curiosity, does anyone know what the going rate for fees on a last-minute AVC is like these days? I presume it's a once-off advice and set-up charge as the annual charge won't be relevant given the short-term nature of it.
 
rum and black said:
Can rental income be used to enhance the AVC.
Click to expand...
Rental income itself is not “pensionable”. But obviously you can use such income to contribute to an AVC plan is respect of income that is “pensionable”, such as employment income.
 
You must log in or register to reply here.
Back
Top