AVC plan for last minute AVC lump sum

D

DCSF

Registered User
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Hi,
I'm planning on retiring in say 4/5 years or so. I have scope for a last minute AVC for a good amount to boost my tax free lump sum. I'm planning to take out an AVC plan thsi year and make several large lump sum payments into the plan, including for last year. I'm not really interested in pa % growth plans etc just interested in the tax free savings. Considering AVC fees, charges etc can anyone recommend an alternative to Cornmarket. I guess I'm looking for lowest charges, fees etc. TIA
 
Yes and No..A bit confusing TBH so hoped that some members on here might have had experience of last min AVCs that they could share. Thanks.
 
Seemingly Standard Life have a PRSA with 0.4% AMC on the Vanguard Global Index fund, perhaps other funds too, if you have >100k invested. I haven't heard better than that but can't confirm it yet either.
 
Ok, I'm probably better off asking specific advice ..it's a complicated one so apologies :)
I'll be 60 in Dec this year.
I spent 19 years in a semi state, started in 1986..took Vol Severance in 2005. Took my severance lump sum plus my pension lump sum (bad mistake) and left a preserved pension there payable at age 60.(in dec)I went straight from semi state to a local authority where I've moved a lot up the ranks over the years. I could not transfer my pension as I had taken my previous pension lump sum.
I'm planning on retiring in the next few years prob when I'm 64. (although I might go much earlier)

I've previously been told by a pension advisor that due to the timing of my employments, my preserved semi state pension (and lump sum I've already taken) do not count towards the 40 year max for Revenue. Also the semi state was not a state funded pension but a private occupational pension?Assuming that to be true, I will have a scope for a 16 year ish top up to my tax free lump sum.(leaving local authority with 24 years service)

So basically using arbitrary figures lets say salary 80k, max tax free lump sum would be 120K with full 40 year service.So with say only 24 years service it's 120/40 * 24 = 72k leaving scope for a tax free extra lump sum of 48k?
Let's say all above is correct? and lets say my PAYE each year is 15k.

I can currently contribute a maximum of 35% of salary towards pension and 40% from next year.My tax paid each year will be less than the 35%/40% so the max I can get back is 15k pa of AVC life.

I'm thinking I can pay say 15k pa lump sum into AVC for 5 years = 75k towards lump sum, leaving a tax free gain of 30K (overall tax refunds)
Now I realise there's a lot in there to consider but wonder could any of the resident specialists give thoughts?
or should I just go to a pensions advisor and if so whom?
TIA
 
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