You are permanent part time. For Revenue purposes you have worked for 32 years and your maximum yearly remuneration is determined using one of the definitions below.
Because you have worked in excess of 20 years Revenue allow 120/80 of this maximum remuneration as your allowable tax free lump sum.
Don't rely on the HSE to calculate your maximum allowable remuneration.
You might have to seek salary details from them for up to 10 years prior to your retirement date and do the calculation yourself.
Send the pay details which produce the maximum remuneration and your employment starting and ceasing dates to your AVC provider and they will determine your extra tax free lump sum.
Will you have 2080 class A prsi contributions when you retire at age 60 ?
Remuneration can be defined as total of basic pay plus overtime payments, bonuses, commissions, fees, etc. assessed to tax under the PAYE system (i.e. Schedule E), including the value of any benefit-in-kind. In determining “Final Remuneration” for maximum allowable benefits purposes, the Revenue will allow the use of any one of three different definitions, provided you are not a ‘20% Director’ (in which case Definition 2 must be used).
Definition 1.
Basic salary over any twelve month period in the five years before retirement, plus
the average of any fluctuating emoluments (commission, bonuses, benefit-in-kind, etc.), over three or more consecutive years, ending on the last day of the twelve month period chosen.
Definition 2.
The average of total emoluments (income taxed under Schedule E) for any
three or more consecutive years, ending not earlier than ten years before retirement.
Definition 3.
The rate of basic pay at retirement, or at any date within the year ending on the
retirement date, plus the average of any fluctuating emoluments (commission, bonuses, benefit-in-kind, etc.) over three or more consecutive years, ending on the day used to determine