> Therefore, I assume I will only be able to avail of an annuity mortgage as well as a certain tax free lump sum. I cannot purcahse and ARF unless I have some of the fund in AVC's etc.
I presume you meant annuity and not annuity MORTGAGE above?! For information about your options on retiring check the rules of your scheme and the Pensions Board FAQs and booklets:
www.pensionsboard.ie/faq_doc.asp?id=3
www.pensionsboard.ie/publ...id=2&CID=2
> How is this calculated?
The small print should say. Probably based on the assumptions that you continue to contribute to your pension fund at the same level (possibly indexed for inflation), that growth at some assumed level (6%?) will take place (which is not guaranteed by any means) and that you live for a certain period of time after retirement. Bear in mind that such projections are purely illustrative and may not bear any resemblance to what will actually happen!
> I was under the impression that I could choose to receive up to 2/3rd's , assuming 10 years of service.
What do you mean? Retire on 2/3rds of your final salary based on some conditions? The PB site should explain this stuff as well.
> I could also take 150% of of my final pensionable salary as a tax free lump sum, assuming 20 years of service.
Never heard of the 150% of final salary as a taxfree lump sum point myself. I have heard of being able to take 25% of the final fund in this way though and then buying and annuity with the remainder or perhaps investing it further in an ARF/AMRF.
> Also, is this projected fund low for someone in their early 30's?
Depends on many factors so there's no easy answer.
If you are in any doubt about this stuff even after reading the sources above then you should consider getting independent, professional advice: