Will I have 32 years of a ‘full’ public service pension, or 4/5’s of 40 years?, or not? YES BUT YOUR PENSION WILL BE BASED ON YOUR ACTUAL EARNINGS
My question is what are my options to make good on the shortfall...Currently PSA or AVC
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? Private sector provider. Some are on AM.
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? Your superannuation deduction will come from this 20% first. You can contribute the balance to an AVC or PRSA.
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? Shop around.
Are employees told all the above on day one of their new job. (Apologies if they are). You should receive information on the pension scheme but not PRSA etc.