Lost shepherd
Registered User
- Messages
- 3
Hi,
I left the private sector 14 months ago to join the Public Sector.
I have approx 55k in a pension pot which is just sitting with my previous employers trustee, and to which I can't add to.
There is a defined benefit pension in my current state job. I will more than likely leave my current state job to return to the private sector in 2-3 years.
I want to do something with the 55k and also start to put some extra away (on top of the pension contributions in the current state role).
My options include
- PRSA with 55k and monthly contributions
- PRSA with some half of 55k and other half buying additional pensionable service years in state job (it would purchase about 3 years)
- Put the 55k into buying additional pensionable service and making AVCs
My risk appetite would be medium to high.
I would be interest to hear people thoughts/view/suggestions the the above options and if possible answers to
- Can i set up a PRSA on my own (without an employer)
- Can a lump sum be put into PRSAs
- Do i get tax relief on payments into the PRSA at the marginal rate?
- If so how does this work in practice as (do the PRSA provider link up with revenue?)
- I assume that the AVCs into the defined benefit pension benefit from the same tax relief?
- Would anyone have a suggestion for low fee PRSA?
Thanks in advance
I left the private sector 14 months ago to join the Public Sector.
I have approx 55k in a pension pot which is just sitting with my previous employers trustee, and to which I can't add to.
There is a defined benefit pension in my current state job. I will more than likely leave my current state job to return to the private sector in 2-3 years.
I want to do something with the 55k and also start to put some extra away (on top of the pension contributions in the current state role).
My options include
- PRSA with 55k and monthly contributions
- PRSA with some half of 55k and other half buying additional pensionable service years in state job (it would purchase about 3 years)
- Put the 55k into buying additional pensionable service and making AVCs
My risk appetite would be medium to high.
I would be interest to hear people thoughts/view/suggestions the the above options and if possible answers to
- Can i set up a PRSA on my own (without an employer)
- Can a lump sum be put into PRSAs
- Do i get tax relief on payments into the PRSA at the marginal rate?
- If so how does this work in practice as (do the PRSA provider link up with revenue?)
- I assume that the AVCs into the defined benefit pension benefit from the same tax relief?
- Would anyone have a suggestion for low fee PRSA?
Thanks in advance