Having worked in the public service for the last 9yrs part-time- worth 4.5 yrs in pension terms. I want to end my AVCs to March and instead use this money to purchase notional years of service. I'm looking at transferring a small British based pension to my public service one. I have been informed by the Dept of Finance that the estimated TV value is 7.3 yrs to retirement age of 65yrs but they cannot tell until the actual transfer takes place how much service I can purchase.
My questions is:
a) does this TV above 7.3yrs mean I would effectively have 11.8yrs public service (4.5yrs at present plus the TV 7.3yr) in total and that the number of years I could purchase will be based on this higher figure?
b) Would I be better off leaving my British pension in place and drawing down on it in 2 yrs time at age 60 and use this money to fund my AVCs
Hope someone can provide some advice.
My questions is:
a) does this TV above 7.3yrs mean I would effectively have 11.8yrs public service (4.5yrs at present plus the TV 7.3yr) in total and that the number of years I could purchase will be based on this higher figure?
b) Would I be better off leaving my British pension in place and drawing down on it in 2 yrs time at age 60 and use this money to fund my AVCs
Hope someone can provide some advice.