This is what I thought would be the case.OP will have >€200k deposit from sale of house along with cash savings. So no need to worry about increasing savings. Or am I missing something?
Thank you for the reply. Yes I am on a defined benefit scheme. I will phone my advisor on Monday and enquire re the PRSA.I assume your PRSA is an AVC (not just a Standard PRSA). You need to confirm this as you don’t have any other relevant income out of which you can contribute to an ordinary PRSA. I am also assuming that you are a member of the Civil Service Defined Benefit scheme, with c40 years potential service, so I would query what scope you have for AVCs. Whilst you probably are included in an “integrated” pension scheme, that means you can realistically only fund to offset the State Social Welfare Pension. If you continue to save c€760 pm as an AVC you could potentially be overfunding (Which makes no sense).
I think you need to make sure it is an AVC PRSA and then check you are not overfunding (ask whatever advisor set up the PRSA).
I assume your PRSA is an AVC (not just a Standard PRSA). You need to confirm this as you don’t have any other relevant income out of which you can contribute to an ordinary PRSA. I am also assuming that you are a member of the Civil Service Defined Benefit scheme, with c40 years potential service, so I would query what scope you have for AVCs. Whilst you probably are included in an “integrated” pension scheme, that means you can realistically only fund to offset the State Social Welfare Pension. If you continue to save c€760 pm as an AVC you could potentially be overfunding (Which makes no sense).
I think you need to make sure it is an AVC PRSA and then check you are not overfunding (ask whatever advisor set up the PRSA).
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