teacher retiring early and buying avc's

L

lucylouirl

Guest
hi everyone

i am a teacher and would like to retire early. i will have 33 yrs service at 56 and from what i have been told i can retire at 56 with a reduced pension. can i buy the 7 yrs i will be missing and still retire at 56 with a full pension?
lucy
 
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Re: avcs

lucylouirl said:
hi everyone

i am a teacher and would like to retire early. i will have 33 yrs service at 56 and from what i have been told i can retire at 56 with a reduced pension. can i buy the 7 yrs i will be missing and still retire at 56 with a full pension?
lucy
Click to expand...

nope

you can only buy notional years for the ones you will be missing at your normal retirement date

eg normal date 60 you will have 37 yrs at 60 so you can buy 3 years

if you plan to retire early ie before 60 then you cant use the nsp scheme to buy years as they will penalise you if you do
 
Re: avcs

afaia, you can buy AVC's in order to supplement / increase pension. Be aware that the main advisers cornhill are very expensive. AFAIK other advisors Marsh are not as expensive. You can also set up a Personal AVC known as a PAVC from any pension provider.

If you can go down this route you should be aware of
Entry Charges
Lump Sum Charges
Monthly Charges
Annual Fee
Bid /Offer Spread
 
Sorry for bombing!
What are the penalties if you retire before 60, in relation to the NSP?
 
As a primary teacher who availed of early retirement 1 year ago under strand scheme. The normal early retirement scheme allows you to take early retirement at 55 years of age once you have 35 years service otherwise you have to wait until you reach your 60 th.birthday to avail of full pension or pension based on your service at that date.If you decide to retire without reaching the 35 year service requirement you will not receive pension payment until your 60th. birthday. The only other routes are early retirement under strands or under health grounds.
I purchased notional service from the Dept over a 10 year period but only got 0.5 added years as I was meant to contribute over a longer period of time.I opted for Dept.notional service as I did nt like the hard sell approach of Cornmarket. Give the Dept's notional service a ring and the I.N.T.O. I found them helpful.
 
Haille said:
As a primary teacher who availed of early retirement 1 year ago under strand scheme. The normal early retirement scheme allows you to take early retirement at 55 years of age once you have 35 years service otherwise you have to wait until you reach your 60 th.birthday to avail of full pension or pension based on your service at that date.If you decide to retire without reaching the 35 year service requirement you will not receive pension payment until your 60th. birthday. The only other routes are early retirement under strands or under health grounds.
I purchased notional service from the Dept over a 10 year period but only got 0.5 added years as I was meant to contribute over a longer period of time.I opted for Dept.notional service as I did nt like the hard sell approach of Cornmarket. Give the Dept's notional service a ring and the I.N.T.O. I found them helpful.
Click to expand...

you can actual retire with 34 yrs at 55 they allow one yr for training if our a primary school teacher and 2 if your secondary and have a degree
 
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