PCW Buy Back

In the Programme for Competitiveness and Work (PCW) Agreement it was agreed that some service given by public servants, previously not recognised for pension purposes could now retrospectively be recognised as pensionable.  

This situation would apply to situations such as if a member's contributions were refunded if they left service or perhaps they worked in a part-time capacity that was not at the time recognised as pensionable.

Such years can be bought back. Typically such service must be paid for at retirement if it has not already been bought back. In almost all instances it is a recommended that this service be bought. This is because such years are heavily subsidised by the employer. In effect a member's return on investment or "break even point" is achieved relatively early into retirement.

PSRA can give you a estimate of the costs and benefits involved however if you feel you have previous service that may be allowable for purchase under the PCW agreement you should contact you employer's pension department.

Speak to one of our expert advisors to get some clear advice. Request a call. 

Request a Callback

If you are unsure which may be the most appropriate service for you, call us today, we’d be happy to guide you.

What our clients say
Our Testimonials

“I have been delighted with the service provided by PRSA. Evan Hughes has been a dependable and clear guide through the maze of financial constraints and possibilities in advance of retirement. I've been able to turn to him with every sort of financial question and have been consistently well advised”

Prof Lawrence Taylor, Associate Vice-President for International Affairs, Maynooth University

I've had a very positive experience of PSRA , specifically their representative Joe Murray. Over the course of an advisory session he clarified various matters ranging from life assurance, salary protection and AVCs. Joe also discovered that I was due a tax refund and this, together with savings on two other insurance products, left be better off by €1400 - not bad for an afternoon's work! Joe is patient and extremely clear and he explained pensions to me in a way that was coherent and accurate. I would highly recommend this service.

Leo Hogan, School Principal

It is my pleasure to recommend Clodagh Byrne of PSRA. During the past year, I have been very impressed and pleased with the top-notch professional and personal service Clodagh has provided in the area of retirement planning and investments. She crunches the numbers efficiently and explains all options clearly so that I can make informed, confident choices and decisions. Truly, she has helped me to navigate smoothly and successfully across the complex terrain of pensions and retirement planning. I thank Clodagh Byrne for all her help and highly recommend her to anyone who is looking for sound retirement advice—without any sales pressure. I look forward to working with Clodagh throughout my career as a teacher.

Michael Schwartz, Teacher, Waterford

Original contact with Evan Hughes of PSRA, in Beaumont Hospital. Consistent personal professional attention from Mr Hughes. Sound financial advice and pension planning. I have recommended Mr Hughes to colleagues and friends and no hesitation in doing so again.

Prof Anthony Cunningham, Medical Director Galway Clinic

Ciarán Hughes was recommended by a friend working in the HSE. Starting out in my career I wanted to get salary protection sorted and to find out about my pension situation. Ciarán went through everything with me, and explained the different aspects clearly. It was a relief to get everything sorted and out of the way. I have recommended Ciarán to friends and colleagues.

Jenny Algar, Veterinarian Surgeon, Dept. of Agriculture & Private practice.

I was first introduced to PSRA at a retirement presentation delivered by Evan Hughes. The talk was extremely informative, to the point, and helpful in preparing for retirement. Evan aided me throughout the process of retirement and continues to advise on my finances. I highly recommended that anyone seeking retirement and investment advice turn to PSRA.

Rod Green, Teacher, Dublin

On my recent retirement, PSRA consultant, Ciarán Hughes provided me with clear, concise and sound information on all aspects of financial planning and investments. He explained all my options in detail and was happy to answer any questions I had. He met with me on a number of occasions to tease things out and was also available by phone or e mail to deal with any other concerns I had. I am confident that I received accurate, impartial advice and was facilitated in every way, to plan astutely for my future. I would highly recommend PSRA to anyone requiring financial advice.

Ann Gallagher, Retired Teacher, Sligo

I am delighted to strongly recommend Evan Hughes - PSRA who on the advice of a satisfied colleague, have been managing my financial affairs very effectively with excellent outcome despite the hazards of the economically turbulent previous decade or so. Meetings were easily promptly arranged at times and locations convenient to me during a very busy phase. They are always relaxed, pleasant, interesting and enjoyable. Advice is clear and logical without pressure, obviously based on wide experience. Potential outcomes good and bad are laid out clearly and the outcomes despite the turbulent markets were good and as predicted without unpleasant surprises (and no tendency to churn). I strongly recommend Evan and PSRA to be consulted for guidance before involving themselves in the treacherous financial markets and investments, confident that the advice they receive will definitely be beneficial and profitable.

Michael (& Mary) O’Reilly FRCPI, FACC, FRCP(C), Consultant Cardiologist

While my previous contact with financial consultants had always left me feeling confused, unsure and not fully informed, my experiences with PSRA consultant Clodagh Byrne were dramatically different. Clodagh is a clear thinker, an excellent communicator, very knowledgeable, well informed, patient and understanding. She has a professional manner and willingly invests time in our consultations. I have total confidence in the comprehensive, expert and sound advice I received. As a result I have already and will continue to recommend PSRA to my colleagues.

Vincent McDonnell, Retired Teacher, Wexford.

I got a lot of advice from friends when I was thinking of retirement. Unfortunately it was not accurate, everyone's situation is a little different. I was delighted with the expert help and advice I got from Evan Hughes. PSRA give very efficient and friendly service at a very reasonable cost. It worked well for me.

Christina Quirke, Nurse, Dublin

“I came to PSRA in 2010 the year I retired. It was recommended to me by a colleague at work. I have had very good advice from Evan Hughes initially on setting up the ARF. I have had annual reviews which have been satisfactory and efficient. I am very happy with the service I have had over the years and have no hesitation in recommending PSRA.”

Dr Joseph A. Tracey, formally of Beaumont Hospital.

“I was very happy with my one to one consultation which outlined all the available options to me. I felt my consultant’s knowledge was extensive and he portrayed the information in an easy to understand manner. I feel the independent advice aided my decision-making process and I am very happy with my policy.”

Nicola (surname withheld), Occupational Therapist

I'm delighted to have the opportunity to recommend Clodagh Byrne. From the moment I met her a few years ago I have felt very comfortable with her. She takes time to explain everything very clearly. She has advised me on AVC, life assurance and investment issues. I took early retirement last summer and she has been very helpful in organising my paperwork. She has given me clear advice on investment. She is a very good listener and I have never felt any pressure, just clear advice tailored to my needs. It has always been a pleasure to have meetings with her and I hope to continue to benefit from her advice in the future.

Brid Larkin, Retired Primary Teacher, Waterford

I retired at an earlier age than usual from the Public Health Service five years ago and for the past seven years, Evan Hughes of PSRA has been excellent and indispensable in advising, negotiating and implementing my pension and investments. I would recommend PSRA to my colleagues because Evan is a very nice and patient person who is meticulous and professional in his advice and has provided maximum benefits for my family and continues to review my pension and investments.

Retired Consultant Medical Practitioner (Name withheld)

I first met PRSA consultant Ciaran Hughes when he made a presentation to teachers in The Carrick on Shannon Education Centre where the information he disseminated was clear and easy to understand which was important to me as I was approaching retirement. My husband and I both retired recently and the information he provided was at all times concise, objective and appropriate to our needs. He explained all options in detail and answered all of our many questions. He was patient, courteous and good humoured as he went through the different options and through his sound and at all times impartial advice helped us explore different scenarios and find products that suited our needs. He met with us and was also available by phone and email and I really appreciated the support at this transitional time. I have strongly recommended Ciaran and PRSA to a number of friends and will continue to do so.

Mary (surname withheld), Retired Teacher, Longford.

I joined PSRA to have some reasonable pension at retirement to live a decent lifestyle. My friend introduced Evan Hughes to me. He provided honest and good service to me and is always there to help any concerns or query. Although I have invested in Sharia Compliant funds which have risks, this has been explained to me and well managed. I will certainly recommend friends to take help and services of Mr Evan Hughes.

Dr Tallat Ejaz, Mullingar Hospital

I have been dealing with PSRA consultant, Ciarán Hughes, for approximately six years and I have always been extremely satisfied with the advice rendered. While I was teaching he advised on all matters financial: Salary Protection, Health Insurance, Life Cover. He explained everything very concisely and his recommendations were impartial, based on his vast knowledge and experience. Upon my retirement Ciarán presented comprehensive and wide-ranging options for investment. Ciarán has responded promptly to all queries and has done so with extraordinary patience, clarity and good humour. It remains a pleasure to deal with him.

Bernadette James, Retired Teacher, Sligo

I was very pleased with my recent meeting with Clodagh Byrne. This was the second time in the past few years I have availed of her excellent financial expertise. As always, she was lovely and friendly, explained everything very clearly and was practical and realistic with her advice. I have met with other financial advisors before and always felt they were trying to 'sell' me what they wanted, but with Clodagh I feel she genuinely strives to provide the best advice and service suited to my situation. She has advised both myself and my husband on AVCs, life assurance, salary protection, health insurance and tax. She is always very helpful in organising necessary paperwork and quick to reply to concerns or questions following a visit. I have often felt out of my depth trying to understand pensions and taxes but Clodagh explains everything so well and in a manner where I am comfortable asking any question no matter how simple. I fully intend to have further meetings with her every few years to review my financial situation and will look forward to her pleasant and knowledgeable manner.

Helen Stafford, Teacher