I have just joined the public service on a salary of c. 30,000. I am 50 and intend to be in the public service for the next 12 to 15 years.
I have significant cash savings sitting in the bank.
I had an idea that I could take out an AVC or PRSA and contribute say 25k into it from my salary per year. I can make up the shortfall in my net salary from the cash savings I have in the bank (which could cover such an exercise for 10 yrs +).
Does the public service allow PRSA's and/or AVC's and does this sound like a good idea, to save the tax on the pension savings and finally, is there an advantage of one over the other (AVC versus PRSA)?
I have significant cash savings sitting in the bank.
I had an idea that I could take out an AVC or PRSA and contribute say 25k into it from my salary per year. I can make up the shortfall in my net salary from the cash savings I have in the bank (which could cover such an exercise for 10 yrs +).
Does the public service allow PRSA's and/or AVC's and does this sound like a good idea, to save the tax on the pension savings and finally, is there an advantage of one over the other (AVC versus PRSA)?