That's a fairly fundamental assumption to the whole plan. Have you looked into this piece?For the purposes of the question, I’m assuming my employer won’t allow access to the DB scheme early even if I left the company
No.Prsa?
The poster is already a member of an occupational pension scheme. Their only option for a PRSA is an AVC PRSA. The AVC PRSA is linked to the main scheme rules. So the AVC cannot be accessed in advance of the main pension benefits, as covered in the last few days in the other thread.What do you mean "no" redonion?
Wouldnt a prsa be a viable option for the OP?
CorrectThanks for all your replies.
I like the idea of having certainty of income at 65 from the DB so if I could amass a fund in a separate account (ideally with tax relief) that I could encash early would be ideal. When I have enough then I can pay myself annually a sufficient amount to replace my salary for gap years between retirement and the DB kicking in.
From what people have said, once a person is in an occupational pension scheme, you can’t have a separate scheme with tax relief that you can use when you want once you are over the minimum government retirement age? So normal after tax savings/investments are my only options?
Cheers
T
Why not retire your DB pension/AVCs early?
It amounts to the same thing.
Why not retire your DB pension/AVCs early?
It amounts to the same thing.
It is up to the trustees to allow a member to let a member draw down their pension early. There is never any issue for a DC arrangement but lots of DB arrangements don't allow members draw down even a reduced pension from an earlier age. Some then take a transfer value instead, which can cause liquidity issues for the scheme but the member is entitled to it.
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