Hi everyone.
Thanks in advance for your input, ad i hope my query makes sense:
I'm c.40 and joined the public service 2 years ago. I'm not sure if i will be staying in the public service long term. maybe 2 more years.
I'm researching the pension scheme.
i understand, from my research, that the the final pension (monthly) figure will take into account the state pension (assuming it will still be there).
my concern is:
1. If i leave early: As the pension due form c. 4 years service, this figure be within the sum covered by the state pension.
2. If I stay the course: I can only get c.30 years service therefore my career average pension will be only c. 5k p.a over the state pension.
3. If I retire earlier than 68: I'd need to discount my pension further. That would probably bring the pension back within state pension levels
If it is a case that the state pension covers part of the public pension, then the benefit arising form my extra over return on contributions made ranges between €0- c€5kp.a
Is, therefore the public pension really any good to me in my situation?
If my understanding is right then this would motivate me to move on as I would get the state pension anyway due to PRSI payments in the private sector.
I hope i'm wrong and would welcome any advice / alternative perspective. Researching this is so difficult! The more I learn, them more sad i get. the gravy train is gone! I missed it!
BTW i am paying into a AVC PRSA. I understand buying years usually doesn't make sense. I also appreciate there is a lump sum payment that I'm not factoring in here.