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AVC plan

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  • 15-02-2015 9:19am
    #1
    Registered Users Posts: 9,823 ✭✭✭


    Hi,

    I am a public servant for the last 13 years. I am in my early 30s and started an AVC 13 years ago paying 20 euro a week. I am currently paying 33 euro a week and hope to retire on a wage of at least €60000 in another 30 years. I am currently on a wage of €45,000. I received a notice in the post form the administrators of the AVC plan to increase my weekly amount to €35 to pay into this scheme. I was wondering what the average amount would be advisable to pay into this scheme at my age. I have no children and am single at the moment. Is it still a good idea to pay as much as you can into one of these AVC plans due to them being interest free. I also know they fluctuate up and down in their value. Should I just increase the amount every year (when these notices come in). The date of the due increase is April 1st. Any advice would be appreciated. Thanks.


Comments

  • Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    €60k pension seems extremely unlikely. The public sector pension is now a career average. How is your Avc's performing? What is the AMC of the fund you are in? You need a lot more information.


  • Registered Users Posts: 9,823 ✭✭✭billyhead


    ANXIOUS wrote: »
    €60k pension seems extremely unlikely. The public sector pension is now a career average. How is your Avc's performing? What is the AMC of the fund you are in? You need a lot more information.

    Hi Anxious. The 60000 would be my projected salary at retirement. I am not sure how the plan is currently performing. I usually get a statement issued annually showing this around April. Also the amount their asking to increase it to weekly is 38 euro from 35 at present


  • Registered Users Posts: 885 ✭✭✭Dingle_berry


    ANXIOUS wrote: »
    €60k pension seems extremely unlikely. The public sector pension is now a career average. How is your Avc's performing? What is the AMC of the fund you are in? You need a lot more information.

    It is only a career average for those who joined the public service after 1/1/13.


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