Just for info. My normal retirement age is 60. At 60 I will have just short of 34 years service. I need 40 years service to get my full pension. I'm earning 85k at the moment. I looked at the possibility of retiring at 62 to align with my partner's retirement age.
I joined the civil service after 1995 so part of my pension will include state pension.
I suppose what I'm trying to do is put a reasonable plan in place for the option of retirement at 62. However I also want to have the option of continuing to work if I would like to when that time comes without too much of a negative impact. Hope that makes sense.
Full public service pension is half of final salary. Revenue rules allow pension of up to two-thirds of final salary. Doesn’t this allow scope for AVCs (to bridge gap between public service pension and Revenue max) even if you will have full 40 years service?
I think I'll just continue as I have planned and see how I'm feeling about things on a yearly basis.
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