ToshyWashy
Registered User
- Messages
- 3
Hi all,
Have a few queries about public sector pensions, as I will shortly be joining the public sector.
I will be joining in my mid 30’s, at 36 years, so from what I can find online I will be working until 68, so will need to work for 32 years.
Will I have 32 years of a ‘full’ public service pension, or 4/5’s of 40 years?, or not?
I’ve looked at the single scheme public service calculator, and can see benefits I will get after 32 odd years.
My question is what are my options to make good on the shortfall, I know joining at my age is far from ideal from a pension perspective, I have a separate pension pot from the private sector which is small enough.
From a quick google, and the single service scheme website, it is not nor will it be possible to buy back years (8) in my case.
I understand that the buy-back of years is preferable if available, as guaranteed by the state etc, than AVC’s.
What are my AVC options?
Also, and I know this is highly ambitious, but if I wished to retire earlier than 68, how should I be planning for this, vis-à-vis, ACV v possibility of buying back years, if that option ever emerges?
In my current Private Sector role, I can contribute up to 20% in AVC’s annually, how will this work if the buy back of years is not available, do I put 20% of my new public sector salary into my new public sector pension pot? Or am I doing a private AVC, if so, how do I go about this?
I’ve read some less than positive reviews about AVC’s in terms of costs to public servants, so where is the best/cheapest place to do it?
Are employees told all the above on day one of their new job. (Apologies if they are).
Have a few queries about public sector pensions, as I will shortly be joining the public sector.
I will be joining in my mid 30’s, at 36 years, so from what I can find online I will be working until 68, so will need to work for 32 years.
Will I have 32 years of a ‘full’ public service pension, or 4/5’s of 40 years?, or not?
I’ve looked at the single scheme public service calculator, and can see benefits I will get after 32 odd years.
My question is what are my options to make good on the shortfall, I know joining at my age is far from ideal from a pension perspective, I have a separate pension pot from the private sector which is small enough.
From a quick google, and the single service scheme website, it is not nor will it be possible to buy back years (8) in my case.
I understand that the buy-back of years is preferable if available, as guaranteed by the state etc, than AVC’s.
What are my AVC options?
Also, and I know this is highly ambitious, but if I wished to retire earlier than 68, how should I be planning for this, vis-à-vis, ACV v possibility of buying back years, if that option ever emerges?
In my current Private Sector role, I can contribute up to 20% in AVC’s annually, how will this work if the buy back of years is not available, do I put 20% of my new public sector salary into my new public sector pension pot? Or am I doing a private AVC, if so, how do I go about this?
I’ve read some less than positive reviews about AVC’s in terms of costs to public servants, so where is the best/cheapest place to do it?
Are employees told all the above on day one of their new job. (Apologies if they are).