AnSpailpin
New Member
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Hi all
I am looking for some general advice in advance of retirement. Note I am not expecting the equivalent of professional advice, just some markers to think about at the moment.
Situation
I've worked in both Ireland and the UK, currently working and living in Ireland, having returned last year, and intend to retire in Ireland.
By the time I retire in Ireland at (hopefully) 60, I will have worked in Ireland about 12 years, and about 27 years in the UK.
I expect to have at that point.
1. A Defined Benefit pension in the UK. Probably about £16K a year from 65, (increasing in retirement at max 2.5%) plus lump sum,
2. A DC pension fund in the UK of approx £250,000
3. Two DC pension funds in Ireland with a combined value of about €150,000
4. 27/35 worth of UK state pension and 13/40 worth of Irish state pension.
5. About €100,000 of non-pension savings
6. Half share in a property bringing in rent of approx €6000 a year (my share)
Q1. Can I buy pension years in the UK for years while I am working in Ireland (to build my UK pension up to maximum 35 years). i.e., can I effectively contribute to two "PRSI-like" funds in the same year.
Q2. Should I "import" my DC pension fund from the UK, or let it sit in the UK and get an equivalent of an ARF there?
Q3. Once I stop work at 60 - is it better to use my savings and rent income and only start looking at converting pension fund to ARF when funds start getting low? Or convert to ARF immediately.
Q4. Assuming I convert straight away, is there any advantage to taking the tax free lump sum, given I already have quite a bit of savings
Note: I'm married, and my husband and I own our house. He will have his own pension, and decisions to make.
Thanks for any advice.
I am looking for some general advice in advance of retirement. Note I am not expecting the equivalent of professional advice, just some markers to think about at the moment.
Situation
I've worked in both Ireland and the UK, currently working and living in Ireland, having returned last year, and intend to retire in Ireland.
By the time I retire in Ireland at (hopefully) 60, I will have worked in Ireland about 12 years, and about 27 years in the UK.
I expect to have at that point.
1. A Defined Benefit pension in the UK. Probably about £16K a year from 65, (increasing in retirement at max 2.5%) plus lump sum,
2. A DC pension fund in the UK of approx £250,000
3. Two DC pension funds in Ireland with a combined value of about €150,000
4. 27/35 worth of UK state pension and 13/40 worth of Irish state pension.
5. About €100,000 of non-pension savings
6. Half share in a property bringing in rent of approx €6000 a year (my share)
Q1. Can I buy pension years in the UK for years while I am working in Ireland (to build my UK pension up to maximum 35 years). i.e., can I effectively contribute to two "PRSI-like" funds in the same year.
Q2. Should I "import" my DC pension fund from the UK, or let it sit in the UK and get an equivalent of an ARF there?
Q3. Once I stop work at 60 - is it better to use my savings and rent income and only start looking at converting pension fund to ARF when funds start getting low? Or convert to ARF immediately.
Q4. Assuming I convert straight away, is there any advantage to taking the tax free lump sum, given I already have quite a bit of savings
Note: I'm married, and my husband and I own our house. He will have his own pension, and decisions to make.
Thanks for any advice.