Mark Devlin
Registered User
- Messages
- 2
Last minute AVCs can be used to fund the gap between actual lump sum and maximum lump sum allowed under public service scheme rules, e.g. a person on €80,000 pensionable pay with 30 years' service will get lump sum of €90,000 (90/80ths) but could get €120,000 (120/80ths) under the scheme rules if he/she had 40 or more years' service. The gap, amounting to €30,000 can be funded with an AVC.
My employer will base my pension on current salary of, say, €80,000 (my full-time equivalent though I will have taken unpaid leave in my final year). But Revenue will allow average of best 3 consecutive years ending in final ten years of service, adjusted for inflation. For Revenue purposes, will they depress my earnings for the years during which I took periods of unpaid leave (e.g. although my full-time equivalent as set out in pay circulars was €80,000, my actual in recent years due to unpaid leave has been about 40 weeks pay per actual year)?
My employer will base my pension on current salary of, say, €80,000 (my full-time equivalent though I will have taken unpaid leave in my final year). But Revenue will allow average of best 3 consecutive years ending in final ten years of service, adjusted for inflation. For Revenue purposes, will they depress my earnings for the years during which I took periods of unpaid leave (e.g. although my full-time equivalent as set out in pay circulars was €80,000, my actual in recent years due to unpaid leave has been about 40 weeks pay per actual year)?