Here is the question (s)
1. Im( age 40) in a DB scheme where I will be 6.5 years short of full pension at age 65. Recently I agreed to buy back these years for 239 eu/month.
Now apparently I can buy back 11.5 years to retire at 60 for 840 eu / month. The rates have gone up but I couldnt have bought notional service to retire at 60 before now...
2. I am also in an AVC scheme where I was contributing 600 eu/month since 2002...
3. I have 5 years in pension fund from previous employer which has a transfer value of 13K which would buy me 0.5 years of notional service.
My questions are if I buy the years to retire at 60 is there any need to continue with the AVC scheme ? ( I wont be able to afford both for the next while but when spouse is in full time employment that will change) I know that I need to keep all pension contributions below 25% of salary .. I thought that if I had too much money put away for retirement that I could put the extra in an ARF Is this correct ?
Is it a good idea to transfer previous pension into current pension or are there advantages to leaving it where it is?
I want to get proper financial advice but every AA i contact seems to just bring you in for a chat and try to sell you products .. also probably need someone with good knowledge of public sector schemes - is there such a person out there ?
1. Im( age 40) in a DB scheme where I will be 6.5 years short of full pension at age 65. Recently I agreed to buy back these years for 239 eu/month.
Now apparently I can buy back 11.5 years to retire at 60 for 840 eu / month. The rates have gone up but I couldnt have bought notional service to retire at 60 before now...
2. I am also in an AVC scheme where I was contributing 600 eu/month since 2002...
3. I have 5 years in pension fund from previous employer which has a transfer value of 13K which would buy me 0.5 years of notional service.
My questions are if I buy the years to retire at 60 is there any need to continue with the AVC scheme ? ( I wont be able to afford both for the next while but when spouse is in full time employment that will change) I know that I need to keep all pension contributions below 25% of salary .. I thought that if I had too much money put away for retirement that I could put the extra in an ARF Is this correct ?
Is it a good idea to transfer previous pension into current pension or are there advantages to leaving it where it is?
I want to get proper financial advice but every AA i contact seems to just bring you in for a chat and try to sell you products .. also probably need someone with good knowledge of public sector schemes - is there such a person out there ?