Cashing in pension

J

Jeremiahc

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Hi any advice would be appreciated worked fo Boston scientific for several years . Went back to college and done nursing employed now in HSE . Have turned 50 this year can cash pension from Boston in for lump sum was thinking of putting this money towards increasing my HSE pension would this be a sensible idea
 
not enough details. Is the Boston Scientific pension DB or DC; what is the current value; what is the transfer value; if DB what is the deferred pension and at what age; will HSE allow you transfer in and on what terms; is HSE pension DB or DC; does Boston scheme provide for widows and orphans; does HSE scheme provide for widows and orphans? There may be more queries, but I cannot think of them at present.
 
As you mention age 50, I'm going to guess that you mean that you plan to take early retirement benefits from the Boston Scientific pension scheme and reinvest the money towards increasing your HSE pension. Or are you considering transferring the Boston fund?
 
The pension benefits from the Single Scheme are less attractive than for previous public service pension schemes. The benefits are based on career average earnings rather than final salary. Also, you can no longer purchase "notional years" as such, although you can purchase additional retirement benefits. You can also, transfer in from other non-public service pension schemes. I have scanned through some of the documentation and the process for either/both of these does seem fiendisly complex (or, to put it another way, I don't understand it !).

I don't know which of the options referred to by LD above you are considering. Just to note, though, that a further option might be to go with an AVC or PRSA-AVC along with your public service pension. This might be more flexible at retirement as you can use the fund to maximise your tax-free lump sum and then transfer any residue into an ARF to be drawn down flexibly.

By the way, have you read the Circular on the Transfer and Purchase Schemes? https://singlepensionscheme.gov.ie/...-the-Single-Public-Service-Pension-Scheme.pdf
 
Early Riser said:
The pension benefits from the Single Scheme are less attractive than for previous public service pension schemes. The benefits are based on career average earnings rather than final salary. Also, you can no longer purchase "notional years" as such, although you can purchase additional retirement benefits. You can also, transfer in from other non-public service pension schemes. I have scanned through some of the documentation and the process for either/both of these does seem fiendisly complex (or, to put it another way, I don't understand it !).

I don't know which of the options referred to by LD above you are considering. Just to note, though, that a further option might be to go with an AVC or PRSA-AVC along with your public service pension. This might be more flexible at retirement as you can use the fund to maximise your tax-free lump sum and then transfer any residue into an ARF to be drawn down flexibly.

By the way, have you read the Circular on the Transfer and Purchase Schemes? https://singlepensionscheme.gov.ie/...-the-Single-Public-Service-Pension-Scheme.pdf
Click to expand...
Thanks that’s the scheme I am thinking of buying into
 
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