Local Authority Clerical Officer-existing PRSA

D

davcot

Guest
I am a grade 3 Clerical Officer with a Local Authority. I have I.5 years service and am 42 this year. I have an existing PRSA with Irish Life from a previous employment. The current value of the PRSA is approx € 6500. I have been quoted € 31.50 per fortnight to buy back maximum years allowable ( 15 yrs 30 days ). My question is what is the situation with the existing PRSA? Do I have to tell my HR dept about it? Can I transfer the PRSA to the Local Authority Scheme?

I look forward to some advice !
 

no you dont have to tell them about your prsa you can transfer it into a prsa avc and keep paying it or ask hr if you can use the fund to pay for the notional years by lumpsum now. normally this option is available before retirement if its a AVC im not sure about now but they will know. If you plan to transfer it into a prsa avc move it from irish life as their performance and charges are not the best out there imho.

mula
 
You are probably on the right track to prioritise the buying back of years (notional service purchase) over your AVC. You will be able to stop making further contributions to your PRSA without any penalty, so even if you can't use the lump sum to buy back years as mula suggested, you can just stop putting anything more into the prsa.
 
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