Are you going to have 40 full time years of service at your planned retirement date? If not, you are likely to lose some of your pension and lump sum. This is especially true if you would like to plan for early retirement.
Early retirement is possible for some professions within Ireland’s public sector such as the Defence Forces, Gardai and Psychiatric Nurses as examples. Other professions such as civil servants, teachers, nurses and so on can also retire early, but with missing years and penalties on their pension. Others such as University lecturers and Hospital Consultants may qualify for professionally added years and do not need to work a full 40 years.
There are options available to reduce to impact of missing years but which tool is right for the job? Some of the options include;
- PCW Buyback or buying back of years
- Notional Service Purchase (NSP) or notional years
- Additional Voluntary Contributions (AVCs or PRSA AVCs)
- Cost Neutral Early Retirement
- Ill Health Retirement
- Supplementary Pension
- Contributory Pension from Social Welfare for certain PRSI payers.
One or more of these can factor in your plans.
Speak to one of our expert advisors to get some clear advice. Request a call.