Single Service Pension - Options for someone will not have 40 years service

[Learner2015]

Hi All,

I am part of the single service pension scheme having joined the civil service in 2014. If I work until I am 68 I will have 34 years service, so six years short of the full pension. I have asked my local pension officer and union and it appears that although it was planned for there is no option for me to buy back the 6 years I will be missing under the single service scheme.

I have a PRSA I set up when I worked in the private sector with €30k in it. I stopped my contributions when I joined the civil service so it is just sitting there.

Is there a way or could someone help me figure out how much I would need to start putting into it monthly to make up the 6 year difference on my civil service pension when I retire?

 

[Markel]

Not until they let you actually buy back the years. If you are worried start saving AVCs

 

[Learner2015]

Thanks Markel.

Could I just start putting a few hundred Euro amonth into my PRSA instead of setting up AVC, would the end result be the same?

Is there any tax implications etc?