Superannuation schemes

[bish123]

Asking on behalf of spouse

Spouse’s/Partner's age: 39
Annual gross income of spouse: €50k
Take home spouse: €2800
Type of employment Private

In general are you:
saving around €2000 monthly, out of which overpay mortgage around €1500

Mortgage with UB @ 2.5% fixed
Other borrowings – car loans/personal loans : Nil

Do you pay off your full credit card balance each month? yes
Rainy day founds ~ 6 months salary

Investments- Nil

Pension: She started pensionable job at the age of 24 - almost one year in HSE superannuation scheme, then 9 years in another superannuation scheme, followed by six years career break and now back in private job. Current pension is occupational contributory scheme provided by employer.

What specific question do you have or what issues are of concern to you?
Her main concern is how to maximize pension funds-

1. What to do with funds in superannuation schemes?
2. Should she start maximising her contribution based on age considering some of it is taxed at 20%. I already maximise my contributions and some overpayment in mortgage as above?
3. Is there anything she should do to secure better pension in future ?

 

[Early Riser]

Started pensionable job at the age of 24 in HSE superannuation scheme for almost a year. Then 9 years in voluntary hospital superannuation scheme followed by career break of six years. Now back in a private job and participating in pension scheme provided by employer..

As both of these were defined pension benefit she has no idea how much funds are there. Our main objective is to maximise her pension.

1. What to do with funds in superannuation schemes?

There are no funds available here for you to access. You just access the pension benefits when they become available. Your spouse has a preserved pension from the voluntary hospital scheme which she can access at 65. The year with the HSE was probably transferred forward into the voluntary hospital scheme, as they are both public sector schemes with similar terms and conditions (but she should check to confirm the transfer). So about 10 years pensionable service in total.

There was probably an information booklet specific to your spouse's voluntary hospital scheme but you can get an overview of such scheme membership and pension benefits here: http://www.cspensions.gov.ie/faq2.pdf