I knew nothing about AVCs and didn't know where to start. So I went to a financial advisor recommended by a friend, but he said that public service pensions were too complicated for him to understand. Then I went to my union, but they pointed me in the direction of Cornmarket, who would definitely not provide independent advice.
Can anyone recommend where I could go to get unbiased advice so as to maximise my income during my retirement?
Can’t answer your first question. The calculation can be complicated and depends on the assumptions you make.Ok. I'll ask.
I'm 47, and I joined the public service as a grade 3 in 2017 (starting around €23K) . Last year I moved up to grade 5 (starting around €42K) and will probably stay at that grade until retirement. My first question is what would my yearly income be when I retire if I just got the Single Public Service Pension?
My second question is what would my yearly income be if I had joined the public service 30 years ago? This would have allowed me to complete the 40 year's service according to the conditions that were in place at the time.
And my third question is what can I do to make the current pension that I am eligible for as good as it would have been if I had joined 30 years ago? As far as I can tell, purchasing Notional Service is not an option for people who have joined the public service as recently as me.
Any advice would be greatly appreciated.
My second question is what would my yearly income be if I had joined the public service 30 years ago? This would have allowed me to complete the 40 year's service according to the conditions that were in place at the time.
I'm 47, and I joined the public service as a grade 3 in 2017 (starting around €23K) . Last year I moved up to grade 5 (starting around €42K) and will probably stay at that grade until retirement. My first question is what would my yearly income be when I retire if I just got the Single Public Service Pension?
My second question is what would my yearly income be if I had joined the public service 30 years ago? This would have allowed me to complete the 40 year's service according to the conditions that were in place at the time.
And my third question is what can I do to make the current pension that I am eligible for as good as it would have been if I had joined 30 years ago? As far as I can tell, purchasing Notional Service is not an option for people who have joined the public service as recently as me.
My second question is what would my yearly income be if I had joined the public service 30 years ago? This would have allowed me to complete the 40 year's service according to the conditions that were in place at the time.
Forsa members (single public service scheme) were advised to contact a particular pension advisor aligned with New Ireland. I spoke to them this week... Their advise is buying back years is not an option as cost is 'astronomical'
Here Cornmarket are selling an AVC for the civil service, with 595 fee, and 100% allocation.
Partially because people used to join young and stay for 40 years.The system seems so much more straightforward if you were lucky enough to have joined the public service in the last century. I wonder why they changed it.
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