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The only thing I was informed about since joining the public service was the AVC. Nobody explained that there was another way of topping up your pension. Now this site explains that there was a much better NSP procedure pre 2006. Does anyone else feel like this - let down by the employer and the union? If we took an action on this would we get anywhere?
.... since joining the public service ..
Hi analysis,
I work in the Civil Service and our partnership committee organised a talk on personal finance by Colm Rapple about 2 years ago which I attended. The question was raised - which is better notional service or avc's to top up pension?
He stressed that it was impossible to give a clear rule of thumb on which was best. Said the sums would have to be done individually for each separate case. He didn't (wouldn't, actually) elaborate at all, so I don't know exactly what he meant. But I gathered that there are a lot of variables and that it's a complex question.
No excuse for you not being made aware of all the options though.
It is worth noting that the early retirement option is not an option for more recent joiners (those who joined post 1995, I think).imho buying years through nsps depends on what options you want in retirement. if you want to keep early retirement open before 60 then its not an option.if you prefer to have a lumpsum at retirement and control and the speed of which you draw your money down then prsa avcs is a better option. some people like the certain of a fixed pension every year and if you fall into this catogory and dont plan to retire early then buying years is most likely for you.
It is worth noting that the early retirement option is not an option for more recent joiners (those who joined post 1995, I think).
they cant go earlier then 55 but can go between 55-60 with the actuarial reduction applied
Annex 2 – For New Entrants on or after 1 April 2004
For members who are “new Entrants” (as defined in the Public Service Superannuation (Miscellaneous Provisions) Act 2004) on or after 1st April 2004, the compulsory retirement of Age 65 is removed.
Q. How do the changes introduced for staff recruited on or
after 1st April 2004 affect my pension?
The main changes are:
· You will now qualify for payment of a pension or preserved pension at age 65.
· [Prison Officers minimum retirement age will be 55 and will continue to qualify for preserved benefits at age 60 which is also their maximum retirement age].
· Except for Prison Officers, the compulsory retirement age of 65 is removed.
· Service after age 65 will reckon for pension purposes subject to a maximum of 40 years service.
There is no mention of any ability to get benefits prior to 65 in the FAQs (pdf download), which say;
Do you have a source for this?
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