Recently had a meeting with a representative regarding taking out an AVC. Trying to figure out some of the calculations he provided, but am unsure how they were calculated. Would love some other opinions.
I'm Public Sector. Classed as a new entrant. If I were to retire at 60, would have 32 yrs service and salary of €72,000. Representative provided figures of €13,600 pension, and €78,000 lump sum.
If I retired at 65, provided a figure of €21,600 and €97,000 lump sum. I'm not sure how these figures were arrived at, especially pension figures, even allowing for 25% pension/ 10% lump sum actuarial reduction. Would welcome any insight.
I'm Public Sector. Classed as a new entrant. If I were to retire at 60, would have 32 yrs service and salary of €72,000. Representative provided figures of €13,600 pension, and €78,000 lump sum.
If I retired at 65, provided a figure of €21,600 and €97,000 lump sum. I'm not sure how these figures were arrived at, especially pension figures, even allowing for 25% pension/ 10% lump sum actuarial reduction. Would welcome any insight.