J
jonfog
Guest
I have six years remaining to retirement at 65. I will be entitled to the state retirement pension. I am also in an occupational pension scheme from which I will receive a small pension of possibly €70 per week, depending on income at time of retirement- which probably won't be much more than it is now given the 'current economic climate' that we are constantly hearing about .
Is there anything to be gained by taking out an AVC or PRSA at this stage- is 6 years too short a time in which to accumulate any worthwhile benefits?
Is there anything at all that I can do to enhance my income at retirement?
I have been with An Post for 27 years now and will have 33 years service on retirement. I pay the full A1 prsi contribution, therefore I will not be entitled to the full occupational pension under the An Post superannuation scheme. The fact that I will be entitled to a full state pension means that twice the amount of the state pension will be subtracted from my pensionable remuneration when my pension entitlement is being calculated.
For example, if my pensionable remuneration at retirement is, say, €32,000,
then twice the state pension - €23920 approx is subtracted leaving
€8080 as the base remuneration for pension calculation.
The pension is computed as follows:
33X€8080X I/80 leaving me with an annual pension of roughly €3333 p.a.
Paltry or what?
So you can understand why I am anxious to enhance my income at retirement.
Any advice please?
Is there anything to be gained by taking out an AVC or PRSA at this stage- is 6 years too short a time in which to accumulate any worthwhile benefits?
Is there anything at all that I can do to enhance my income at retirement?
I have been with An Post for 27 years now and will have 33 years service on retirement. I pay the full A1 prsi contribution, therefore I will not be entitled to the full occupational pension under the An Post superannuation scheme. The fact that I will be entitled to a full state pension means that twice the amount of the state pension will be subtracted from my pensionable remuneration when my pension entitlement is being calculated.
For example, if my pensionable remuneration at retirement is, say, €32,000,
then twice the state pension - €23920 approx is subtracted leaving
€8080 as the base remuneration for pension calculation.
The pension is computed as follows:
33X€8080X I/80 leaving me with an annual pension of roughly €3333 p.a.
Paltry or what?
So you can understand why I am anxious to enhance my income at retirement.
Any advice please?