EvenStevens
Registered User
- Messages
- 80
What kind of "financial advisor"?I met with a Financial advisor
Are you sure that you'll qualify for both? I presume you mean a public service pension and the PRSI linked old age contributory pension?I am a public sector worker in my mid-40s and currently would get pension and state pension at 66 in retirement
Spot on.Bear in mind that this "advisor" has an incentive to scare you into buying an AVC.
Instead, ask the advisor what is the allocation rate and the AMC on their AVCs.
Are you sure that you'll qualify for both? I presume you mean a public service pension and the PRSI linked old age contributory pension?I am a public sector worker in my mid-40s and currently would get pension and state pension at 66 in retirement
What pension report is this? Are you absolutely sure that it's checking/validating your entitlement to the old age contributory pension based on your PRSI contribution records? You can request your PRSI contribution record from MyWelfare to sanity check this yourself.When I run my Pension report in work
17 years service so most likely a post 1994 employee.I am a public sector worker in my mid-40s and currently would get pension and state pension at 66 in retirement
If you read other threads on public service pensions and AVCs you'll see that the general consensus is that Cornmarket may not offer the best value for money (or advice). E.g.:It was someone from Cornmarket.
Thanks I will do that. It's a Pension Calculator report on our CORE Personnel system in work. The advisor also had sight of my contributions, start date etc and they mentioned the state pension without me sharing that report etc.What pension report is this? Are you absolutely sure that it's checking/validating your entitlement to the old age contributory pension based on your PRSI contribution records? You can request your PRSI contribution record from MyWelfare to sanity check this yourself.
Please see here for how to quote properly:"What pension report is this? Are you absolutely sure that it's checking/validating your entitlement to the old age contributory pension based on your PRSI contribution records? You can request your PRSI contribution record from MyWelfare to sanity check this yourself."
I suspect that @BlackandBlue may be on the right track here:The advisor also had sight of my contributions, start date etc and they mentioned the state pension without me sharing that report etc.
What this means is that your pension total will consist of 2 parts, the State OAP and your work pension contribution of x-OAP giving you a total of X.
It is very unlikely that you will be getting x + OAP
dvisor recently to look at AVCs and investing some savings.
Can I ask why you would say that? Are AVCs not considered a good idea? Is there a better alternative for the long term I should look at .The key question to answer is whether or not you need to buy AVCs.
Can I ask why you would say that?
I agree but, to be fair, maybe it just came up as a (likely remote) hypothetical possibility rather than deliberately being used as a scare tactic?Using a scare tactic around the State Pension to sell AVCs is surely unprofessional from an 'advisor'.
The advisor mooted the idea that by the time I'm at retirement age the State Pension could be gone completely.
Public Service AVCs can be done via other intermediaries with the possible (actual?) slight inconvenience of having to claim tax relief manually rather than getting it automatically at source via payroll.Cornmarket and IFI have very high "administration" charges
Thats true, of course, it could have been a throw-away comment during the conversation. But it seems to have triggered enough of a concern for the OP to post about it on AAM.I agree but, to be fair, maybe it just came up as a (likely remote) hypothetical possibility rather than deliberately being used as a scare tactic?
Can you explain where you're getting 17 years from? I can't seem to figure it out. Maybe I'm overlooking something obvious?17 years service so most likely a post 1994 employee.
Have you always been a pubic sector worker?I am a public sector worker in my mid-40s
The OP has a normal retirement age of 66 which strongly suggests they're post 2013 and on the Single Scheme. The Single Scheme is complete crap compared to the previous schemes. 40 years on an older Scheme means 50% on your final salary for life, on the Single Scheme it's much less, and there's no such thing as a supplementary pension. If i stay until 66 I'll have around €13k pension in the Single Scheme as compared to around €20k on the post 2005 Scheme at 65. Lump sum is also much worse.If a public servant has long service, close to the 40 years, I often wonder the rationale for doing AVCs?
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