1.5 times final salary subject to having the required pensionable service is often quoted as the max tax free lump sum that a retiring public servant can avail of. On Revenue site I cannot find what the required pensionable service is.
I am due to retire from the public service next autumn aged 61, with approx 29 years pensionable service, after having worked previously in UK .
If I remain in my employment until 65 I would have had approx. 33 years.
I have bought some additional years which amount to just over 3 years after actuarial adjustment since I will obviously not continue paying until 65.
I am considering purchasing an AVC to enhance my lump sum and this is where I have the problem.
I already received a small lump sum from my UK employment last year which I presume will have to be added to my lump sum here. Can anyone tell me in my case what is the max tax free lump sum I will be entitled to so that I know how much to invest in AVC
I am due to retire from the public service next autumn aged 61, with approx 29 years pensionable service, after having worked previously in UK .
If I remain in my employment until 65 I would have had approx. 33 years.
I have bought some additional years which amount to just over 3 years after actuarial adjustment since I will obviously not continue paying until 65.
I am considering purchasing an AVC to enhance my lump sum and this is where I have the problem.
I already received a small lump sum from my UK employment last year which I presume will have to be added to my lump sum here. Can anyone tell me in my case what is the max tax free lump sum I will be entitled to so that I know how much to invest in AVC