Based on the following information is there any scope for me to make AVCs?
54 years old.
Public Servant (university employee).
36 years service paying 1.5% salary per annum since 1986, Master Pension Scheme.
Max pension is 40/60ths of final salary.
At 58 I will have paid 40 years pension contributions so anything after that is of little benefit to me except for death in service benefit.
I could retire early at 58 but with a reduced pension, or defer this pension until 65 or anywhere in between. There is an optional lump sum available, which reduces the pension paid.
If I retire at 58 and take a reduced pension, lets say 30/60ths for arguments sake, can I make AVC's between now and then to avail of a lump sum (or increased pension? If I can, are there any potential downsides? Such as, in the event of change of mind and staying until 65, being in the position of having an overfunded pension.
Or if I retire at 58 and defer my pension until 65 can I make AVC so that I can take a lump sum in addition to the full 40/60ths pension?
54 years old.
Public Servant (university employee).
36 years service paying 1.5% salary per annum since 1986, Master Pension Scheme.
Max pension is 40/60ths of final salary.
At 58 I will have paid 40 years pension contributions so anything after that is of little benefit to me except for death in service benefit.
I could retire early at 58 but with a reduced pension, or defer this pension until 65 or anywhere in between. There is an optional lump sum available, which reduces the pension paid.
If I retire at 58 and take a reduced pension, lets say 30/60ths for arguments sake, can I make AVC's between now and then to avail of a lump sum (or increased pension? If I can, are there any potential downsides? Such as, in the event of change of mind and staying until 65, being in the position of having an overfunded pension.
Or if I retire at 58 and defer my pension until 65 can I make AVC so that I can take a lump sum in addition to the full 40/60ths pension?