primary school teacher 24yo who took out Avc's with Cornmarket €40.20 a fortnight

M

meteor24

Guest
Hi, I am a primary school teacher who took out Avc's with cornmarket about a year and a half ago. I am almost 25 now. I am paying 40.20 a fortnight, I have treid contacting cornmarket about a stopping my contribution. However im having no luck. Is it a good idea to stop it of else maybe put it on hold? Im recently a home owner and 80.40 a month cash would be much more benefical to me. Im working since Feb 04 and paying a government pension. Could some one please give me advise as i really dont know what to do. Thanks
 
Re: Cornmarket AVC

Have you searched for existing threads on Cornmarket? As far as I recall their charges were (are?) very high and, where possible, some people might be better off with a PRSA or some other low charges pension vehicle for AVCs and/or general pension savings.
 
Re: Cornmarket AVC

Ya the charges are huge origianlly but i dont know what the charges re to come out of it. At 24 do i need extra avc or the regular teacher pension fine? Was really forced into this by cornmarket rep.
 
Re: Cornmarket AVC

Did you check out previous threads on this issue as I suggested?
 
Re: Cornmarket AVC

Just reading back on them now, we all seem to have same problems!
 
Re: Cornmarket AVC

meteor24 said:
At 24 do i need extra avc or the regular teacher pension fine? Was really forced into this by cornmarket rep.
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Your normal retirement age is 65 - you won't have the option of going before that without very significant reduction in your pension. I can't tell what age you were exactly when you joined the superannuation scheme but it's clear you were well under 25. With unbroken service you'll have a full superannuation pension (40 years contributions gets you the maximum 120/80 lump sum and 40/80 pension).

Of course there are 3 or 4 other categories under which you could justify AVCs - I and other people have regularly posted these elsewhere - not to mention that you might have broken service in the (long) interim.

However, this is a situation where AVCs are so low down on what should be your list of financial priorities that I don't think it's greatly overstating the case to describe selling them to you as misconduct by the Cornmarket representative.

Don't feel unduly discriminated against, however. Most people in your profession who do business with Cornmarket get lousy advice to judge by posts here and my experience elsewhere.
 
Re: primary school teacher who took out Avc's with Cornmarket €40.20 a fortnight

Thanks, hopefully i will be acle to stop them as, with mortgage repayments, avcs are my least worries!!
 
Re: primary school teacher 24yo who took out Avc's with Cornmarket €40.20 a fortnight

As an ex primary teacher I was in salary protection for 23/24 years. I had similiar problem with Cornmarket to stop payments. I contacted Dept. of Ed and Cornmarket.It seems that Cornmarket have to request Dept.of Ed. to stop payments. I got got some back payment for contributions made after written notification was received by Cornmarket.The Dept gave me the name of the person in Cornmarket to contact to stop payments.I wrote to this person but it was not acted upon. I felt very badly treated by them especially after contributing 15000 euro in payments over the 20+ years. in return for peace of mind.
 
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