Hello,
At age 60, will have 34.5 years approx in pension scheme
At age 65, will have 39.5 years approx in pension scheme
I don't expect to retire at 60, but I don't want to go 65 either.
Let's say retire at age 63, with 37.5 years pensionable service, so missing 2.5 years
I am trying to calculate max AVC that I could build up to turn into a tax-free lump-sum:
(80k)(3/80)(2.5) = 7,500
Is that correct? It looks low?
Any AVC beyond that would have to be transferred into an ARF?
Thanks.
- Currently age 47, started work at age 23.5, public service
- In the post April 1995 DB scheme, before 2004
- Pensionable from age 25.5
- After 40 years working, will be age 63.5
- At age 65, will have worked for 41.5 years with same PS employer
- Current salary = 80k
At age 60, will have 34.5 years approx in pension scheme
At age 65, will have 39.5 years approx in pension scheme
I don't expect to retire at 60, but I don't want to go 65 either.
Let's say retire at age 63, with 37.5 years pensionable service, so missing 2.5 years
I am trying to calculate max AVC that I could build up to turn into a tax-free lump-sum:
(80k)(3/80)(2.5) = 7,500
Is that correct? It looks low?
Any AVC beyond that would have to be transferred into an ARF?
Thanks.