SeaSwimmer
Registered User
- Messages
- 8
Hello all,
I'm 37 and due to many years living abroad in my 20s & 30s, I won't be eligible for a full state pension....
I had a fixed term contract public sector job with single scheme pension payments for 2.5 years that ended earlier this year, and I'm very fortunate to be starting a permanent contract with the same public sector org again at the end of this year, starting salary at around 70K.
I contacted the pensions section of the public sector org, and they told me they don't have an AVC Scheme...which I think is strange.
I'm looking to max out my 20% tax free pension contribution from my 2019 public sector salary before the end of October... As I'm currently not employed with the public sector, so I'm a bit confused as to what I can do.
Do I/ can I.. set up a separate private PRSA with the tax efficient allowance I have left from 2019?
On lots of broker/ pension company websites they talk about AVC PRSAs that have to be tied to your public sector pension if you are employed by public sector. But it seems like my public sector org doesn't have the AVC option...
If I set up a private PRSA now before I am re-employed by public sector, can I keep it separate?
As I'm on the single scheme pension, and if I stay the next 30 years with this employer, it looks like the pension is quite low, estimated at 17k pa, based on single scheme calculator.
I'm guessing that the return on dumping more cash into a public sector AVC (even if I can do this) on the single scheme is poor, and that a separate private PRSI could be better, and also offers me flexibility if I leave my job in the future?
Thanks so much for your thoughts!
I'm 37 and due to many years living abroad in my 20s & 30s, I won't be eligible for a full state pension....
I had a fixed term contract public sector job with single scheme pension payments for 2.5 years that ended earlier this year, and I'm very fortunate to be starting a permanent contract with the same public sector org again at the end of this year, starting salary at around 70K.
I contacted the pensions section of the public sector org, and they told me they don't have an AVC Scheme...which I think is strange.
I'm looking to max out my 20% tax free pension contribution from my 2019 public sector salary before the end of October... As I'm currently not employed with the public sector, so I'm a bit confused as to what I can do.
Do I/ can I.. set up a separate private PRSA with the tax efficient allowance I have left from 2019?
On lots of broker/ pension company websites they talk about AVC PRSAs that have to be tied to your public sector pension if you are employed by public sector. But it seems like my public sector org doesn't have the AVC option...
If I set up a private PRSA now before I am re-employed by public sector, can I keep it separate?
As I'm on the single scheme pension, and if I stay the next 30 years with this employer, it looks like the pension is quite low, estimated at 17k pa, based on single scheme calculator.
I'm guessing that the return on dumping more cash into a public sector AVC (even if I can do this) on the single scheme is poor, and that a separate private PRSI could be better, and also offers me flexibility if I leave my job in the future?
Thanks so much for your thoughts!