Hi,
My wife is a public sector worker, she's been job sharing for years. I'm encouraging her to buy back years, as her pension is secure vs mine (private sector) which is at the behest of market performance.
Shes earning about €34K gross and has investigated the buyback option.
The Dept estimate it would cost her about €1200 per month to buy back the missing years, however this would in effect be all of her current earnings.
She's 54, so is only in theory allowed to contribute 10K per year tax free (30% of 34K), how does it then work when it comes to public sector schemes in that context?
I am maximising my private Tax free pension contributions already up to the max of the tax free 115K limit.
Would people agree this is the best strategy?
My wife is a public sector worker, she's been job sharing for years. I'm encouraging her to buy back years, as her pension is secure vs mine (private sector) which is at the behest of market performance.
Shes earning about €34K gross and has investigated the buyback option.
The Dept estimate it would cost her about €1200 per month to buy back the missing years, however this would in effect be all of her current earnings.
She's 54, so is only in theory allowed to contribute 10K per year tax free (30% of 34K), how does it then work when it comes to public sector schemes in that context?
I am maximising my private Tax free pension contributions already up to the max of the tax free 115K limit.
Would people agree this is the best strategy?
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