Small pension and return on AVCs.

[pingin]

I have €2,000 that came from matured Savings Certificates.

If I spent it on buying AVCs would it make a noticeable difference to my final pension?

I'm in my early 60s, public service and would like to retire soon, although my annual pension will be very small until I reach state pension age.

 

[jpd]

I don't think € 2,000 will increase our pension by much - I would imagine that it would amount to a couple of euros per month at best

 

[pingin]

I don't think € 2,000 will increase our pension by much - I would imagine that it would amount to a couple of euros per month at best

I suspected as much. Maybe better to spend the money on a capital investment—a new computer or such. Thanks for the answer.

 

[bstop]

Your public service pension tax free lump sum will probably not maximize your Revenue maximum allowable tax free lump sum. You might be able to take the 2000 euro AVC as a tax free lump sum on retirement.

 

[POC]

You might be eligible for a supplementary pension until you're old enough for the contributory pension

 

[pingin]

Your public service pension tax free lump sum will probably not maximize your Revenue maximum allowable tax free lump sum. You might be able to take the 2000 euro AVC as a tax free lump sum on retirement.

Hadn’t thought of that. Thanks bstop.

You might be eligible for a supplementary pension until you're old enough for the contributory pension

 

[pingin]

You might be eligible for a supplementary pension until you're old enough for the contributory pension

Really? I’ll look into that. Thanks.