Hi, I've asked questions on here before (and got great responses) but as retirement looms ever closer I'll try get more clarity.
I spent 18+ years in a commercial semi state firm..took Voluntary Severance in 2005, took my pension lump sum and left pension preserved (bad mistake)
I joined public service immediately and retained my class D status.
I'll probably retire in 5 years with 40 years service between semi state and public service.
Over the years I've gained a few promotions..
I cant transfer my service / pension as I availed of lump sum (ooops)
Lump sum was actuarily reduced.
Semi State is essentially private occupational pension scheme and even almost folded a few years ago and now pensions don't even increase in line with existing staff pay increases.
Now, how can I maximise my pension benefits?
Do I have scope for a last min AVC? Actuarily reduced pension (received 17 years ago ) and pension lump sum I'll get on retirement will be way less than my finishing salary x 1.5.
How about Revenue limits for tax free lump sums (1.5 times salary) and 40 year service limits? Do these still apply with mix of private / public pensions?
Can I make use of an AVC?
Any and all advice most welcome.....
I spent 18+ years in a commercial semi state firm..took Voluntary Severance in 2005, took my pension lump sum and left pension preserved (bad mistake)
I joined public service immediately and retained my class D status.
I'll probably retire in 5 years with 40 years service between semi state and public service.
Over the years I've gained a few promotions..
I cant transfer my service / pension as I availed of lump sum (ooops)
Lump sum was actuarily reduced.
Semi State is essentially private occupational pension scheme and even almost folded a few years ago and now pensions don't even increase in line with existing staff pay increases.
Now, how can I maximise my pension benefits?
Do I have scope for a last min AVC? Actuarily reduced pension (received 17 years ago ) and pension lump sum I'll get on retirement will be way less than my finishing salary x 1.5.
How about Revenue limits for tax free lump sums (1.5 times salary) and 40 year service limits? Do these still apply with mix of private / public pensions?
Can I make use of an AVC?
Any and all advice most welcome.....