pension calculations

M

Mar123

Registered User
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64
Recently had a meeting with a representative regarding taking out an AVC. Trying to figure out some of the calculations he provided, but am unsure how they were calculated. Would love some other opinions.
I'm Public Sector. Classed as a new entrant. If I were to retire at 60, would have 32 yrs service and salary of €72,000. Representative provided figures of €13,600 pension, and €78,000 lump sum.
If I retired at 65, provided a figure of €21,600 and €97,000 lump sum. I'm not sure how these figures were arrived at, especially pension figures, even allowing for 25% pension/ 10% lump sum actuarial reduction. Would welcome any insight.
 
Who was this "representative"?
Surely they are the person to ask?
I doubt that anybody can reverse engineer the details from the info posted.
 
I put "representative" because I did not think it appropriate to name the company. Additionally the company is selling a product, that is why I posted the question. I feel I presented enough details for someone with a better understanding than you or I of public sector pensions to answer the question.
 
Can you specify which PS pension scheme you are in? That would make it 'easier' to check your figures?
 
From what I understand I'm classed as "new entrant", post primary teacher. While I started pre- 2005, I had a break in service, so now on post 2005 calculations.
 
I can’t help with your query exactly - but found this video very helpful in understanding how the single pension scheme benefits are calculated.

From about 20 mins in they talk about how the tax free lump sum and annual pension figures are accumulated.

At about 35 mins they talk about the effect that the actuarial reduction will have on the numbers

- YouTube

Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.
www.youtube.com www.youtube.com
 
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