Hi all. Thanks for all the excellent information available on this forum.
I am a post 2004 public servant who is hoping to retire at 55 on CNER with 30 out of 40 years completed. My query relates to AVC's being used to make up the substantial shortfall. I know the AVC's can be used to used to cover State Pension part of integreated pension. My queries relate to the lumpsum & occupation pension parts and what revenue allow you to fund in the context of CNER.
1. I assume Revenue will allow me to use my AVC for the missing 10 years to bring my lumpsum up to the max. Will Revenue then apply CNER deduction?
2. Similar with the Occupation pension (excluding State pension part) Can I bring it up to the max using AVC's to make up for the missing years but will Revenue subject the full amount to CNER.
3. Finally with regard to overfunding of AVC's. I went through LA Brokers/Zurich about 10 years ago to set up this AVC. I'm not sure what information I gave them at the time but with promotion/pay increases etc. having taking place since I can't see how they could possibly warn me of overfunding in the future. Or is just Cornmarket as the chosen ones for most public sector schemes are obliged to warn of overfunding?
Thanks in advance. Hope it all makes sense!
I am a post 2004 public servant who is hoping to retire at 55 on CNER with 30 out of 40 years completed. My query relates to AVC's being used to make up the substantial shortfall. I know the AVC's can be used to used to cover State Pension part of integreated pension. My queries relate to the lumpsum & occupation pension parts and what revenue allow you to fund in the context of CNER.
1. I assume Revenue will allow me to use my AVC for the missing 10 years to bring my lumpsum up to the max. Will Revenue then apply CNER deduction?
2. Similar with the Occupation pension (excluding State pension part) Can I bring it up to the max using AVC's to make up for the missing years but will Revenue subject the full amount to CNER.
3. Finally with regard to overfunding of AVC's. I went through LA Brokers/Zurich about 10 years ago to set up this AVC. I'm not sure what information I gave them at the time but with promotion/pay increases etc. having taking place since I can't see how they could possibly warn me of overfunding in the future. Or is just Cornmarket as the chosen ones for most public sector schemes are obliged to warn of overfunding?
Thanks in advance. Hope it all makes sense!