I don’t know what my pension or lump sum will be how can I apply for a PFT, or does HSE apply for that?
Based on the above estimates, your total benefit package value will be way short of the €2.15m effective fund cap. The multiplier to value the pension can vary depending on the retirement age, but 30:1 is a reasonable estimate. That would result in a capital value of c€1.07m.Thank you for your detailed reply. I only have a HSE pension.
I will do some researching in order to calculate a ballpark estimate as to what my pension would have been on 01 Jan 2014. I see that I will need this figure confirmed by the Superannuation Department anyway.
There are no PAY's for my grade unfortunately.
I did not have any PRSA AVC's on 01 Jan 2014 having only started it in 2017 for the previous 2016 Tax Year.
My own back of an envelope calculation for my current pension (may be higher or lower, not sure of exact service as I worked part time some weeks for a period)
would be approx €32K pension and Lump Sum €111K. Taking a hit for actuarially reduced pension.
Is there a 'factor' that a public service pension is multiplied by to reach a capital value for that pension?
Thank You in advance.
Thank You Conan,Based on the above estimates, your total benefit package value will be way short of the €2.15m effective fund cap. The multiplier to value the pension can vary depending on the retirement age, but 30:1 is a reasonable estimate. That would result in a capital value of c€1.07m.
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