If I retire at 55, will I get any pension before I reach 66?

T

TestLink

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I only have 6 years total experience in Civil Service. Currently aged 49 and would like to retire aged 55 due to some serious medical conditions. My current salary is around 58k. I recently started an AVC to boost my pension. If I retire at 55, will I start getting any pension from that age onwards from my PRSI + AVC contributions. I know state pension starts only at 66?

Or do I have to wait till 66 to get any pension?
 
You can start to get a pension from your AVCs when your Civil Service pension starts.
If you have a PRSA based on employment previous to when you started your Civil Service employment, this could be used to start a pension from age 55.

After you retire you should sign on for Prsi credits up to age 66.
This will increase the level of contributory pension you will qualify for if you are short of 2080 Prsi contributions.
 
S class said:
After you retire you should sign on for Prsi credits up to age 66.
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Do I need to pay for this?


S class said:
You can start to get a pension from your AVCs when your Civil Service pension starts.
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So I will start getting Civil Service + AVC pension as soon as I retire at 55?


Protocol said:
Are you a member of the SPSPS?

Have you considered early-retirement on ill-health grounds?
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I am a member of SPSPS. I can work till 55 if I survive till that age.

Will it make any difference if I take early-retirement on ill-health grounds? What is the difference between normal retirement and ill health retirement?
 
You can look at cost neutral early retirement but your pension would be actuarially reduced. How many years would you have? Contact your HR or Superannuation dept to get proper advice.
 
partnership said:
You can look at cost neutral early retirement but your pension would be actuarially reduced. How many years would you have? Contact your HR or Superannuation dept to get proper advice.
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I have 17 more years service before I reach my retirement age (66). My plan is to work 6 more years, till I reach 55 and then take early retirement (if possible on ill health grounds).
 
Is there any difference in pension between normal retirement at 55 and ill health retirement at 55?
 
TestLink said:
So I will start getting Civil Service + AVC pension as soon as I retire at 55?
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If you manage to get your Civil Service pension to start ar age 55 you can then start your AVC pension. You probably would be able to take some of your AVCs as a tax free lump sum. The remainder can be used to set up an Annuity or an ARF.

If you have to wait until age 60 to start your Civil Service pension you will also have to wait until age 60 to take benefits from your AVCs.
 
Ok, Many thanks for all your replies. I will setup an AVC asap and depending upon my health situation as time progress, will make a decision at that point.
 
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