early retirment

[Gidoutofhere]

I am a member of a BD pension scheme with Irish life if I go to normal retirement @ 65 i will have 39 years service the scheme pays 2/3 of final pensionable salary
I would like to retire at 56 with 30 years equating to 1/2 final salary deferred to 65
Can I fund my early retirement @ 56 using AVCs to draw down immediate pension
Is there a calculation to determine the level of avc I should contribute over the next 6 years to achieve this retirement target
I cannot contact Company HR or Pension provider as this would show my hand
Any help appreciated

 

[ajapale]

Hi gidoutofhere,

You dont say what age you are now?

What type of AVC are you considering: Do you want to "buy service" or do you want to make additionlal payments into an associated DC scheme?

Does your company make provision for early retirement?

I cannot contact Company HR or Pension provider as this would show my hand

I symapathise with your position. This is a very real problem. You should at the very least get a copy of the scheme booklet without arousing much suspicions. Schemes vary in what they allow you do.

Ajapale (Im not a pensions expert so I'll leave any anwers to someone more qualified)

 

[Guest]

I suspect, but don't know for sure, that the pension underwriter, pension consultants (if applicable) and/or trustees may be bound by some sort of confidentiality clause governing discussions with individual employees in relation to their pension needs. Might be worth checking out. The Pensions Board might also be a useful port of call:

www.pensionsboard.ie