Hello,
I am a state employ (teacher) and I am planning to buy back my pension years. However, I think I will need to forgo one or two other voluntary contributions in order to do this and am hoping to receive some advice regarding the contributions to forgo. Some background: I am almost forty and began my service at 30. I, along with my partner, began paying our first mortgage (4 Year Fixed Term) a few months ago and we are expecting our first child in December.
So, returning to my pension years etc. I am planning to suspend my AVC until I have gained back my pension years. This is currently €68 per month. I plan to put this into buying pack my years instead.
My real question concerns whether to give up salary protection (€52 per month) or my health insurance (currently approx. 100 per month on a corporate plan). The financial group which administers both the salary protection and AVC charges me approx. €17 per month to manage these contributions. In an ideal world I could keep both but with a baby on the way and with my goal to buy back my years, something has to give and I think it might be Salary Protection.
I would be grateful for some sound advice here.
Thank you in advance.
I am a state employ (teacher) and I am planning to buy back my pension years. However, I think I will need to forgo one or two other voluntary contributions in order to do this and am hoping to receive some advice regarding the contributions to forgo. Some background: I am almost forty and began my service at 30. I, along with my partner, began paying our first mortgage (4 Year Fixed Term) a few months ago and we are expecting our first child in December.
So, returning to my pension years etc. I am planning to suspend my AVC until I have gained back my pension years. This is currently €68 per month. I plan to put this into buying pack my years instead.
My real question concerns whether to give up salary protection (€52 per month) or my health insurance (currently approx. 100 per month on a corporate plan). The financial group which administers both the salary protection and AVC charges me approx. €17 per month to manage these contributions. In an ideal world I could keep both but with a baby on the way and with my goal to buy back my years, something has to give and I think it might be Salary Protection.
I would be grateful for some sound advice here.
Thank you in advance.