It's a very unusual thing to want to do, unless you've very specific circumstances. Have you really thought about why you might like to do this?Prob seems a strange question, but i think this is what i would like to do.
Are you sure that’s possible?i hope to have the full irish and the full uk state pension from my late 60s
If your AVC is linked to your main DB scheme, then you must access both at the same time. You cannot access your AVC separately whilst not drawing down your DB pension and lump sum.I’m in the same boat. By 55, I’ll have a decent DB pension accrued (payable at 65) and also a decent lump in an AVC (10 x salary).
I’m thinking if I leave work at 55, move my AVC out and then ‘retire’ with the AVC to maintain my lifestyle for 10 years before the DB kicks in. State pension will then be another top up.
Does this sound reasonable? How will the tax free lump sum work at 55?
If your AVC is linked to your main DB scheme, then you must access both at the same time. You cannot access your AVC separately whilst not drawing down your DB pension and lump sum.
How many years of contributions do you have in the UK? It can’t be too many if you will have 40 years of contributions in Ireland by 60.Im buying back my gap years in UK at the cheaper class 2 rate.
At 60 yrs old ill have about 40 yrs contributions. At 55 if i retire then can i somehow continuee to make prsi contributions to ensure full pension? Like through my pension income?
So you would be buying 32 years worth of national insurance contributions - is that right?I have 3 yrs contributions in uk and i have received confirmation that i qualify for class 2 contributions to bridge the gap. So i have the opportunity to obtain the full uk state pension.
It sure is!32 years would be about £5k which is obviously an excellent investment.
If I leave the company though, can I not move my own AVC contributions to a private PRSA or some other product?
Is it possible to draw down occupational pension across a, for example, 13 year period? I dont think i want it to be an annuity for life which im assuming would result in a lower annual pension. Id prefer for it to be a defined amount per year for a set number of yrs resulting in a hopefully higher annual pension. I think an ARF would provide this?
Anyway its years away but just want to know what my options are.
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