PRSA AVC - post 2004 teacher

[Derek1001]

Hi there,

I'm planning to set up a PRSA AVC through an execution only broker. A little nagging doubt or two came into my mind and I'm wondering if some of the knowledgeable people on this forum might know the answers?

Firstly, I am assuming I would be able to access the funds in my PRSA AVC if I retire at 55 from being a teacher? I read something (somewhere) about needing to be 60 to access funds if there wasn't an occupational scheme in place. I may be misinformed about this. Can't fully remember what I read.

Secondly, would it work ok if I just made a one-off contribution annually and then claimed the tax relief the following year?

Thank you everyone. I have received excellent advice on here before and I'm just trying to finesse what I'm doing about my pension.

Derek

 

[Ruffian]

Firstly, I am assuming I would be able to access the funds in my PRSA AVC if I retire at 55 from being a teacher?

You access the AVC whenever you access the main pension scheme benefits.
So if you take cost neutral early retirement at 55 you access the AVC (or PRSA AVC) then. But if you retire at 55 with a Preserved Pension (ie, deferred pension) you access the AVC at 65 (ie, when you pension becomes payable).

 

[S class]

Secondly, would it work ok if I just made a one-off contribution annually and then claimed the tax relief the following year?

Yes.