Hi All,
Just trying to work out how much to put into an AVC. I plan on working until 66, fingers crossed and this will give me 21 years service.
@66 i will have 21 years service and the estimator tool puts my payment 51k lump sum and 13k pension + 13800k state pension.
Current Salary 80k
revenue say you can earn upto 200K tax free.
Am i right in saying the following
As civil servant i can retire on 1.5 times my salary so lets say 90K is my salary. if i had 40 years service this would equal 135K
However as i have only 21 years service this would be 51k
Now to the AVC's, is this correct.
135K - 51K = 84k is what i could put in.
So based on this am i right in saying that I should at a minimum try and put 84k into and AVC to max the tax free return of 135k over the next 16 years.
Kind Regards
Fred