Are AVCs the only option to supplement a public service pension?

Ms bean counter

I'm a bit of a noob when it comes to pensions/investments but I have been doing a lot of research lately and have a question?

I have read a good bit on Bogleheads & reddit personalfinance and I'm trying to plan our long term goals. I currently work for the government and am in the pension scheme. I am 35 years old and currently the main earner in our family. I am looking to increase my pension payments. I was reading about investing in the low fees/ index /passive funds as a way to do this. According to my PRD60 2014 my pension related deductions are only 7.5% of my gross income so there is scope to increase pension payments tax efficiently.

I believe I can do this with a PRSA. However, as a public servant am I limited to only contributing to AVC's in order to take advantage of the tax benefits? I know some companies offer PRSA AVC's but this still seems quite limited to paying into managed funds.

Is there a way I can manage my own investments for my retirement or do I have to just accept the ridiculous charges and suck it up in order to increase my pension pot?

According to my contract my minimum retirement age is 65. Will I have to wait until this age to access any other pension schemes I have paid into in the meantime?

mbradso2003

You could also make notional service contributions, these add years to your current service. The attract tax relief in the same AVCs do.

Notional service provides more of a guarantee than AVCs but that's not to say they will provide higher benefit.

Have u spoke to pensions office or management unit?

mbradso2003

There is no real difference between AVC and AVC/PRSA except charges. Either may offer lifestyle strategy which chose investment funds and derisk as you get older.

The J Stands for Jay

You can have a PRSA AVC. Some providers offer self directed investments on their PRSA AVCs.