Last minute AVC for public servant

[noelch]

Hi, My wife who is a public servant intends to retire in May this year.
She is wondering if its any benefit to her if she makes a Last minute AVC.
She has 43 years service, worked full time for 18yrs & part time for 25rys, so she has 30 years for lump sum calculations.
Her lump sum will be €68000 ~ if she had worked full time it would be around €78000~
she has two PRSA's total value €20000~
she pays tax @20%, In 2023 she paid about €900 in tax and got a refund of about €500 in health expenses last month.
So is there any benefit to her in making a Last minute AVC.
Thanks

 

[LDFerguson]

The two PRSAs - are they AVC PRSAs?

Has she got a figure for what her pension will be? I can estimate based on lump sum, but better to have it from the horse's mouth.

 

[S class]

Did sha pay class D or B Prsi ?
Is she retiring early ?
Has she checked her Prsi record ?
Has she sufficient Prsi contributions to gain a partial or full contributory state pension ?

 

[Dr Strangelove]

What age is she?

 

[noelch]

The two PRSAs - are they AVC PRSAs?

Has she got a figure for what her pension will be? I can estimate based on lump sum, but better to have it from the horse's mouth.

Hi ....I think the two prsa were avc's ...they were once off ...her pension will be €23000 p.a.

 

[noelch]

Did sha pay class D or B Prsi ?
Is she retiring early ?
Has she checked her Prsi record ?
Has she sufficient Prsi contributions to gain a partial or full contributory state pension ?

She pays Class B1 and will get civil service pension so will not be entitled to state pension...her query was really about last minute avc's....she will be 62 in may

 

[S class]

She pays Class B1 and will get civil service pension so will not be entitled to state pension...her query was really about last minute avc's....she will be 62 in may

Retiring at age 62 gives her a chance to gain enough reckonable paid Prsi contributions to get a partial contributory state pension in addition to her PS penson.
If you search through my posts on this subject in the Pensions and Public sector pensions forums you can see how this is possible.

Having extra AVCs and using them to buy an ARF could be beneficial to her.

 

[noelch]

Retiring at age 62 gives her a chance to gain enough reckonable paid Prsi contributions to get a partial contributory state pension in addition to her PS penson.
If you search through my posts on this subject in the Pensions and Public sector pensions forums you can see how this is possible.

Having extra AVCs and using them to buy an ARF could be beneficial to her.

Thanks...Will have a look through those