I have prsa 15 year contract (Zurich).Balanced pension invest. Ends June 2019.
I took this out as soon as tax efficient policies were allowed for public service.
I was really only interested in a lump sum type policy. This policy gives a pay-out subject
to your financial circumstances when termination date comes. I will get gratuity (1.5times salary-I think) and pension of about 30k a year. I am 51 and will probably continue to
work some time beyond June 2019. When June 2019 comes (please god!) I will be still be on higher tax rate & working ,(60/63 K) my wife does not work as she cannot and is on disability benefit.PRSA is worth approx.22k now and projected to be worth 30k approx. I get tax back at each year end after I submit claim manually on line ,to revenue and I spend it! Its not added to policy as a consequence. I really have no interest in an ARF, as I think the difference revenue max on work scheme with lump sum allows around 24/25k from policy ,balance to ARF. I am thinking of dropping payments 160 a month to maybe 60, just to cover the figure (24/25K) that I can get ,in june2019 , which is all I want. I have had the benefit of tax relief over the years
and as i don't want ARF , am I overlooking anything? that it would be advisable not to? I have use for the modest amount of money I will save , just looking for advice before I take any action.
thanks , sorry for long post!
I took this out as soon as tax efficient policies were allowed for public service.
I was really only interested in a lump sum type policy. This policy gives a pay-out subject
to your financial circumstances when termination date comes. I will get gratuity (1.5times salary-I think) and pension of about 30k a year. I am 51 and will probably continue to
work some time beyond June 2019. When June 2019 comes (please god!) I will be still be on higher tax rate & working ,(60/63 K) my wife does not work as she cannot and is on disability benefit.PRSA is worth approx.22k now and projected to be worth 30k approx. I get tax back at each year end after I submit claim manually on line ,to revenue and I spend it! Its not added to policy as a consequence. I really have no interest in an ARF, as I think the difference revenue max on work scheme with lump sum allows around 24/25k from policy ,balance to ARF. I am thinking of dropping payments 160 a month to maybe 60, just to cover the figure (24/25K) that I can get ,in june2019 , which is all I want. I have had the benefit of tax relief over the years
and as i don't want ARF , am I overlooking anything? that it would be advisable not to? I have use for the modest amount of money I will save , just looking for advice before I take any action.
thanks , sorry for long post!