I have a few different (small) pensions from various contract roles in my career – summary below;
Questions:
With regards to no 1 above, would I be correct in assuming it makes sense to withdraw this money now (paying the lower tax due at time) and using the remaining €2k as an AVC now that I am paying higher rate of tax?
In general, any advice on how best to approach my pensions to try and simplify things? Have been approached about moving to a new organisation but am starting to think that I need to sort out my current pension situation before looking to add to the list.
- DC pension – value approx. €2.5k (after college and was on lower tax). Company (commercial semi-state) have written to me recently asking me if I want to withdraw the money or move it somewhere else as I think they currently pay the mgt fees for same.
- DB pension with University – 3 years service – will have to dig out more information on this as I have no idea on value. (was earning approx. €55k p.a over the 3 years)
- DC pension – approx. value €12k. This one is the only one where I get regular updates from pension provider as it is in my name and old employer used to contribute to.
- DB pension with commercial Semi-state – approx. 1 year service @ €70k p.a
- Current pension – Single Public Service Pension Scheme – 4 years service @ €83k p.a
Questions:
With regards to no 1 above, would I be correct in assuming it makes sense to withdraw this money now (paying the lower tax due at time) and using the remaining €2k as an AVC now that I am paying higher rate of tax?
In general, any advice on how best to approach my pensions to try and simplify things? Have been approached about moving to a new organisation but am starting to think that I need to sort out my current pension situation before looking to add to the list.