Hi,
I'm on a DB pension with a Semi-State. At 60 I will be 6 years short of full service (34 years service).
I got a quote of €160k to buy 6 years notional service or €2500 per month over 6 years.
I pay the high rate tax.
How will this be treated for tax? Will it be similar to paying into an AVC if I pay monthly? i.e. it costs roughly €1500 after tax relief?
If I was to pay a lump sum, how would that be treated?
Thanks
I'm on a DB pension with a Semi-State. At 60 I will be 6 years short of full service (34 years service).
I got a quote of €160k to buy 6 years notional service or €2500 per month over 6 years.
I pay the high rate tax.
How will this be treated for tax? Will it be similar to paying into an AVC if I pay monthly? i.e. it costs roughly €1500 after tax relief?
If I was to pay a lump sum, how would that be treated?
Thanks