As post 2004, I believe I wont be able to get my teachers pension till I reach 65.
My query is that if I was to retire at say aged 62 and my avc was then worth say €90k, is it possible to get 30k each year until I then reached 65 and was to get my teachers pension. Any advice would be greatly appreciated.
No, that is not possible. Or at least it is not possible to resign at 62 with a preserved pension that you access at 65, and use the AVCs to fund the intervening 3 years. Your AVC must be accessed at the same time as your main scheme pension.
What you could do is take Cost Neutral Early Retirement at 62, ie, an actuarial reduced mainstream pension. Having "topped-up" your tax-free lump sum to the max allowed by Revenue, you could invest the rest of the AVC pot in an Approved Retirement Fund (ARF). You can draw this down as flexibly as you like (subject to an annual minimum). So you could draw it down over 3 years if you like (subject to income tax).
Is this 1.5 times salary a general rule or specific to public service?
if I have a limited company in a different sector I presume I can pay myself a salary with that and top up my income and therefore my tax free lump sum..
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