AVC query for semi state pre 1995

P

partnership

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Person in semi state defined benefit scheme would have 31 years if they retire at 65 giving an annual pension of 15,301 which is not much more than the state pension. Won't qualify for state pension as paying D stamp. If they wanted to retire at 60 it would only be 12,838 per year.

Is it worth looking at buying AVC's?
 
It depends on a number of factors, but as the person is missing 9 years service at 65 or 15 years at 60 then there is scope to at least bridge the gap in their tax free lump sum using a PRSA AVC/AVC.

Whether it is worth doing more than this would require further analysis as they do not meet the Approved Retirement Fund (ARF) threshold.

Some of the information that is required to give a more definitive answer is:

1. The persons age
2. The persons current salary, and details of any other earnings related to the employment such as overtime, on-call etc

Regards,
Andrew
 
Current age is 49
Salary about 35,000 which includes shift and overtime don't have the full details with me.
 
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