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Notional Service?

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  • 04-06-2009 1:24pm
    #1
    ciano6
    Closed Accounts Posts: 108 ✭✭


    Could anyone explain to me in laymans terms what is notional service? Is it the same as buying back years? Is it anything to do with buying years after a career break?


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    #2
    dingding
    Registered Users Posts: 4,928 ✭✭✭dingding


    If you do not have full pension by the time you retire either because you joined the public sector later or you lost service because you took a career break / part time working, you can buy additional service that is not backed by actual work.

    It can be expensive as it depends on the number of years service you require and the number of years till you retire.

    It should be possible to get a quote.

    Remember the pro's and con's when compared with AVC's

    Notional Service you are guranteed the return and it also reflects your lump sum. Where as with AVC's there are no gurantees as regards return.

    http://www.cspensions.gov.ie/

    There is a calculator which will give you an indicative quote but it may not be exact because of differences between the civil and public sector.

    Important to seek independant advice as this could be an expensive area if you get it wrong.


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