Hi, putting up this on behalf of my sister in law. Looking for advice for her options regarding retirement. She is in a senior nursing role with 30+ years service and in her mid fifties and would like to get some independent financial advice re her retirement options. Any suggests for contacts either post here or PM me. Thanks
Source for independent advice for HSE employee with 30+ years service
- Thread starter Mayo1969
- Start date
Expert Financial Advice to the Public Sector | Ireland | PSRA
PSRA deliver expert financial advice to those who work in Ireland's public sector. Advice given on Superannuation, Buying back years, AVCs, Notional Service and related pension planning. Investment, savings and insurance advice also given.
www.expertadvice.ie
The above specialise in advising public sector workers. I have used them once and found them useful. They are not tied to or selling any products. You need to do some work to prepare for the meeting. There is no point in spending money to find out very basic information that is easily available online or from the HR dept. This site is excellent too for finding out information - there are a lot of very knowledgeable and generous posters on here.
I found Cornmarket useful too for giving you an overview of what your pension will be like base on calculations etc. But they will be trying to sell you AVCs.
This is a useful tool
Best of luck
What do they look for?
I would suggest:-
Projected Benefit Statement from your HR / Pensions Dept.
Your PRSI record, available from mywelfare.ie
Your last payslip of the year for the past couple of years.
Any change of employment over the past / next 10 years which may change things, i.e. there may be progression / promotions possible.
Also with these documents in advance, you will be able to work out the number and type of PRSI contributions up to the projected retirement age.
The payslips will help understand the max tax relief you can get from AVC's
Also might be worth getting a quote for notional service from your next birthday.
Factoring all of the above into an income projection.
Any time working in the UK / Private pension schemes.
Any professional added years that might apply to your situation.
Others may have additions to this, but from memory these were the key documents.
The advisor may also have a list.
It is also interesting to budget to see what sort of income you need in retirement to have a successful retirement.
There is also the potential for last minute AVC's with 30 years service. On retirement, This can provide a significant cash injection.
Say for a salary of 100K, the maax lump sum would be 150K
After 30 Years your lump sum would be 112.5K, you could do AVCs for the 37.5K but you might have to spread it over a couple of years as there is an age related max of pay that you can get tax free.
On this you would probably get a tax rebate of 15K (40%) when paying in and get most of the 37.5 K out less charges.
So it is about maximising your tax free lump sum and your monthly after tax pay.
Projected Benefit Statement from your HR / Pensions Dept.
Your PRSI record, available from mywelfare.ie
Your last payslip of the year for the past couple of years.
Any change of employment over the past / next 10 years which may change things, i.e. there may be progression / promotions possible.
Also with these documents in advance, you will be able to work out the number and type of PRSI contributions up to the projected retirement age.
The payslips will help understand the max tax relief you can get from AVC's
Also might be worth getting a quote for notional service from your next birthday.
Factoring all of the above into an income projection.
Any time working in the UK / Private pension schemes.
Any professional added years that might apply to your situation.
Others may have additions to this, but from memory these were the key documents.
The advisor may also have a list.
It is also interesting to budget to see what sort of income you need in retirement to have a successful retirement.
There is also the potential for last minute AVC's with 30 years service. On retirement, This can provide a significant cash injection.
Say for a salary of 100K, the maax lump sum would be 150K
After 30 Years your lump sum would be 112.5K, you could do AVCs for the 37.5K but you might have to spread it over a couple of years as there is an age related max of pay that you can get tax free.
On this you would probably get a tax rebate of 15K (40%) when paying in and get most of the 37.5 K out less charges.
So it is about maximising your tax free lump sum and your monthly after tax pay.