Go the first option and get a promotion to pay for it.
Interesting. Good point, I hadn’t considered that. Or much. I’ve been focused on putting additional money into the mortgage for now rather than buying back years on the pension.
Contributions go up as you go up the grades, so it immediately becomes more expensive on promotion.
Yes but the totality of the raise will easily pay for the total contribution for the extra years being purchased, while also increasing your pension pot at the end. The beauty of it all being that because it’s the PS you won’t even have to work any harder.
I wouldn’t expect so, no.
Why are you suggesting a deposit account so which carries almost 0% return
1 Like
Because you have access to the funds at any time.
Are you overpaying your mortgage. ? There isn’t much worse things you could be doing with your spare cash.
You can sell an ETF at any time. There is no lock up period to these investments.
2 Likes
its not really worth it.
if i was to buy back my service, over the next 18/19 years, the cost would be over 250 per fortnight with the effect that my lump sum increases by 24k and my pension goes up by 6k per annum, so id have to live to at least 82 before i make my money back.
would i be better putting the 250 per fortnight in as AVCs to a private pension fund that i still hold thats currently worth around 15k?
and @glasagusban
here’s how you figure out the cost without involving those fuckwits in the PSSC
cspensions.gov.ie
3 Likes
Could be anything. You could lose it all. Or you could double it or treble it. To quote the French guy from Reeling in the Years when they ended the Aer Lingus hostage situation about the third secret of Fatima (cc @farmerinthecity) - there is always risk.
I had a quick look at that ESG fund. It only launch in 2018 but is up around 20% since then. In saying that, when COVID hit it lost 20% so it’s actually up nearly 50% since the COVID lows.
2 Likes
I have been. As it’s a higher interest rate than what I’d get on deposit it makes sense to me to reduce it now. Why not?
It been on my list to check this out for a while. Cheers.
just one of thing of note here, the idiots in PSSC can only process any pension related matters on your birthday, so if you want to transfer in a fund or if you want to buy back service, then it has to be done on your birthday
You’re joking?
i really wish i was
There’s nothing else for it.
Having looked into the cost of buying back 4.5
years, to give me 40 years service at age 65, I’ve also concluded it’s not worth it.
yep. youd be better off working to 67 or 68 and lumping into an AVC form what i can see.
i also adjusted the salary for inflation to 90k, cant be arsed going for PO