AVC, PRSA and AIB Personal Pension.

E

Echelle15

Registered User
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I plan to retire from the public service in approx. 2 years time when I will be 62. I will have had approx 16 years actual service plus 2.5 years added "professional" years, if I'm calculating these years correctly.
I have the following Pension Plans in place. The approx. amounts listed below are from the latest annual statements I have received.
AVC = €50k
PRSA(Ark Life) = €11k (transfer value)
AIB Personal Pension.= 48k.
I have to pay back arrears of approx. 16€, as I was not contributing to my employers pension scheme when I was on a temporary contract.During this time I was contributing to the AIB Personal Pension instead.
Can I take 25% tax free from all 3 policies when I retire and let the remainder provide me with a pension provision? If so, what kind of yearly pension would I be entitled to based on the above figures, as an example?
Also is it possible or practical to consolidate all three into one policy?I do realise values may go up or down in the next few years.
Thanks in advance.
 
Many thanks for the Link, Ircoha.
I'm not sure what you mean when you ask "what is the AVC attached to?"
The AVC was taken out through my local authority employer and payment is made through payroll.
 
You can take 25% tax free lump sum on your PRSA and personal pension but not on your AVC. It is part of your employer scheme and you already have a tax free lump sum factored in there.

However, it may be used to boost the tax free lump sum payable under that scheme. Ask your HR dept about it and they will be able to calculate the maximum tax-free lump sum payable and how much you can use from your AVC fund.


Steven
www.bluewaterfp.ie
 
As SBarret states however if you use your AVC to "boost" your TFLS you will be using the Revenue uplifted scale. This would not be advisable unless you have a very high salary.

I tend to stay away from PS avc's when there is personal pension/Prsa's involved as it is a mine field and if you do not get correct advice from someone that specializes in this area you might get a lot lower TFLS than what can be extracted from all of your pension types
 
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