Hi
I understand it is possible to use an AVC PRSA to increase Retirement Lump sum but I was wondering what the rules/limits around this are.
I understand that it is possible to get a lump sum of 1.5 times salary tax free at retirement but I think this is after a min of 20 years.
if Someone had only 15 years service can the same be done if the Lump sum from Employer only equated to 60% of annual salary or are there lower limits if service is less than 20 years?
Also are there limits to the % of an AVC PRSA that can be used to fund this lump sum or can 100% of the AVC PRSA be used if the total lump sum is less that 1.5 times salary(utilising bothe the lump sum from employer and 100% of AVC Value).
Hope my 2 queries are clear and thanks in advance for all replies.
I understand it is possible to use an AVC PRSA to increase Retirement Lump sum but I was wondering what the rules/limits around this are.
I understand that it is possible to get a lump sum of 1.5 times salary tax free at retirement but I think this is after a min of 20 years.
if Someone had only 15 years service can the same be done if the Lump sum from Employer only equated to 60% of annual salary or are there lower limits if service is less than 20 years?
Also are there limits to the % of an AVC PRSA that can be used to fund this lump sum or can 100% of the AVC PRSA be used if the total lump sum is less that 1.5 times salary(utilising bothe the lump sum from employer and 100% of AVC Value).
Hope my 2 queries are clear and thanks in advance for all replies.