I apologise as I have asked this before but I can't find a definitive answer even after asking cornmarket I'm still unsure.
I plan to retire with a full public service pension in around 22 years. I stated this to cornmarket last year and was still advised to start a avc.
I'm paying 100 a month a week into it and get 40 tax relief. the fund is expected to be around 150k when I retire.
from researching it, if I retire on full pension , the avc is pointless and I will be forced to pay massive tax on it as its overfunded.
spoke to.cornmatket last week and thr lad said not.to worry about it as I can revisit it years down the road and that by the time I retire I will prob only be paying 20% tax on arf and getting 40% relief on contributions.
I'm thinking about stopping it now.and just focusing on paying down mortgage instead.
is the above correct. thanks
I plan to retire with a full public service pension in around 22 years. I stated this to cornmarket last year and was still advised to start a avc.
I'm paying 100 a month a week into it and get 40 tax relief. the fund is expected to be around 150k when I retire.
from researching it, if I retire on full pension , the avc is pointless and I will be forced to pay massive tax on it as its overfunded.
spoke to.cornmatket last week and thr lad said not.to worry about it as I can revisit it years down the road and that by the time I retire I will prob only be paying 20% tax on arf and getting 40% relief on contributions.
I'm thinking about stopping it now.and just focusing on paying down mortgage instead.
is the above correct. thanks