Pension Terminology

[Big Daddy]

Hi folks,

Where is the best place to find full information on pensions-ie. AVC's, Annuity, ARF etc meaning

 

[Protocol]

Welcome to the Pensions Authority - pensionsauthority

The Pensions Authority regulates occupational pension schemes, trust retirement annuity contracts (RACs) and personal retirement savings accounts (PRSAs). Our website provides you with access to a comprehensive range of information and guidance material to help you understand pensions. The...

www.pensionsauthority.ie

or else just ask here.

 

[Protocol]

AVC = optional extra pension plan stated by a worker to top up their work pension.

ARF = a fund where you place your accumulated AVC, after taking possible lump-sum from AVC fund at retirement. You then draw an annual pension income from the ARF

Annuity = a guaranteed annual income for life, sold by a life co, in return for a lump-sum

 

[AAAContributor]

I was doing a review recently of my own pension provision and had a list of questions for an adviser/planner.

In addition to The Pensions Authority website, I also found the 2018/2019 QFA Pensions module textbook pdf freely available online. It is 200+ pages but I got through it over a number of weeks and found it very helpful.

Obviously it is no substitute for a qualified practitioner. While legislation can/will change in this area and make some aspects of this text redundant, the principles covered in this text are useful and you may find some of the scenarios described applicable to your own situation.

I will still seek out professional advice but as I said, this text clarified a lot for me. It's probably overkill for your situation but Google QFA Pensions 2018 LIA if you're curious.