Not sure if I have the right location for this post....
I've read other similiar threads but they haven't really answered my queries......
So I'm starting with the CS next month..... I've heard that u can buy back pension years
For the first year, i will be "unestablished" so am wondering the following:
- when do I start contributing to the pension scheme, do I have to wait a year until I'm "established"?
- How soon can I start buying back years - I have my SSIA at the mo, and cud hold this to fund my CS pension
- How is the buyback of years calculated, say if I'm on for ease of calculation €50K, my annual 5% contribution if €2,500.
If I'm 30, say I'll be buying back 10 years - does that mean it will cost me €2,500 * 10 = 25,000 (before tax) - am i being too simplistic?
Also, how many years can I buy back.....
Apologies for all the questions, just like to have the heads up before I start....
I've read other similiar threads but they haven't really answered my queries......
So I'm starting with the CS next month..... I've heard that u can buy back pension years
For the first year, i will be "unestablished" so am wondering the following:
- when do I start contributing to the pension scheme, do I have to wait a year until I'm "established"?
- How soon can I start buying back years - I have my SSIA at the mo, and cud hold this to fund my CS pension
- How is the buyback of years calculated, say if I'm on for ease of calculation €50K, my annual 5% contribution if €2,500.
If I'm 30, say I'll be buying back 10 years - does that mean it will cost me €2,500 * 10 = 25,000 (before tax) - am i being too simplistic?
Also, how many years can I buy back.....
Apologies for all the questions, just like to have the heads up before I start....