What to do with PRSA now have civil service pension

[Learner2015]

I started a PRSA a few years back and current value is circa €28k (matures when I'm 65).

I joined the civil service a bit over a year ago and stopped paying into the PRSA as soon as I joined. I am part of the single service pension scheme. I have finished my 12 months probation so will prob remain in the civil service till I retire at 68 (well let's assume that). I was 34 when I joined so I will have 34 years service when I retire.

I have enquired about buying back my 6 years and am told this will be an option in the near future.

I was told that I can't use the PRSA balance to buy back the years so any thoughts on what I should - just leave it there or start paying into it again or something else?

Also as I worked for more then 10 years in the private sector will I still get some of the state pension as well when I retire - if yes how much etc?

 

[Steven Barrett]

Just leave the PRSA where it is. It is still invested.

If you want to make additional payments to your pension, you can join the AVC plan (Cornmarket probably run it) or do your own PRSA AVC (it's linked to your employment, whereas the PRSA isn't).

The old age pension is paid depending on your PRSI contributions, not on who you work for. You have to phone Welfare to find out how much you are entitled to.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Learner2015]

Thanks steven. I'll give social welfare a buzz.

 

[oysterman]

...Also as I worked for more then 10 years in the private sector will I still get some of the state pension as well when I retire - if yes how much etc?

If you work to retirement age you will qualify for a full state (contributory) pension.

But it will be incorporated into your public service pension so you won't see the benefit of it.

That's one of the reasons SB is correct that you should leave your AVC invested and, in time, consider taking out a PRSA AVC to supplement your retirement income. I wouldn't be rushing, however, as you are in a good scheme now and probably have many other financial issues to deal with first.