Good morning
To have the full 40 years of service at retirement I will need to work until I am 67.
I was happy to do that until recently when I had a change of heart and decided it would be better to retire probably in my early 60s. I then decided to align my retirement with my wife's retirement.
She wants to retire at 60. If I retired at the same time I would be 62.
With that in mind I have started contributing to an avc fund.
As I will be short 5 Years at 62 I would like to know what will happen if I contribute more than the expected shortfall i.e the difference between 35 years and 40 years service?
I am thinking of using some of the avc funds to maximise my lump sum and to leave the remaining money in an arf from which I can draw down every year. Is this a tax efficient strategy?
Final question, if I was to maximise my avc contributions within revenue limits and I ended up with a very large avc fund which resulted in it making my total pension pot larger than what I would have received with 40 years of service...Is there a problem with this?
To have the full 40 years of service at retirement I will need to work until I am 67.
I was happy to do that until recently when I had a change of heart and decided it would be better to retire probably in my early 60s. I then decided to align my retirement with my wife's retirement.
She wants to retire at 60. If I retired at the same time I would be 62.
With that in mind I have started contributing to an avc fund.
As I will be short 5 Years at 62 I would like to know what will happen if I contribute more than the expected shortfall i.e the difference between 35 years and 40 years service?
I am thinking of using some of the avc funds to maximise my lump sum and to leave the remaining money in an arf from which I can draw down every year. Is this a tax efficient strategy?
Final question, if I was to maximise my avc contributions within revenue limits and I ended up with a very large avc fund which resulted in it making my total pension pot larger than what I would have received with 40 years of service...Is there a problem with this?
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