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single pension scheme join at age 44

  • 13-02-2018 12:13pm
    #1
    Belfast
    Registered Users, Registered Users 2 Posts: 1,355 ✭✭✭


    Joining at the age of 44 will my have enough contributions to the scheme by retirement age to get a good pension?
    my relative joined the single pension scheme a few months ago.
    There seems to be no way of buying AVCs in the scheme.
    I have read the pdf on the scheme.
    I do not find it very clear.
    http://singlepensionscheme.gov.ie/wp-content/uploads/2017/12/Scheme-Booklet.pdf


Comments

  • #2
    axcel
    Registered Users Posts: 70 ✭✭axcel


    Whether you'll have a good pension or not I can't say as depends on your salary, whether your full or part time then based on the calcs they provide. From the link it says you can't pay in AVCs into the scheme directly but you can set up a PRSA AVC. You'd need to go to a financial adviser to take this out through a separate company, you'd pay in from bank account rather than salary, then claim tax relief if entitled to it direct from Revenue. You'd draw down both single scheme and prsa avc at same time at retirement.


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