Public Sector Worker (circa 2006) - AVCs or PRSAs?

Worrybug85

Hi all,

I'm sorry if this has been asked too often but I'm hoping I can get some basic understanding of what options are available for someone in my position.

So I'm mid 30s and will have full service done in the Public Sector by the time I'm 60. I have a post April 95/Pre 2013 contract so am subject to the older pension rules as opposed to the new Single Pension Scheme.

Hope you can help with these queries before I go formally looking for financial advice -

i) as I'll get a full pension from the PS - are AVCs an option for me? I read that they're often used to bridge a gap or to buy back service but I won't have either but would like to maximise my pension just in case.

ii) is an ARF an alternative? If so, is there any cons to it as regards tax?

I suppose the last question relates to the first as well - can I make contributions to an AVC and still avail of the tax relief for same?

I find it incredibly confusing so would like some basic knowledge before I take the plunge and be in a position to ask the right questions..!

Thank you!

Geuze

An ARF is not an alternative to an AVC.

An ARF is the name of a post-retirement fund, i.e. when you drawdown your AVC benefits at retirement, you may hold some of the matured AVC funds in an ARF, and then draw an income from the ARF.

Geuze

AAM would have people able to give you detailed replies.

Dodge

You should read this OP

https://www.pensionsauthority.ie/en/employers/pension_guides/purchase_of_notional_service_and_avcs.pdf