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Public service and self employment - AVC, PRSA or Personal Pension?

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  • 09-02-2022 6:30pm
    #1
    HLagri
    Registered Users Posts: 7 ✭


    Looking for some advice re pensions which I am struggling to grasp. I am currently working in the civil service and also self employed, late 20s. I am keen on putting aside some of my income for my future self and pensions seems to be the most tax efficient method of doing so. I am currently part of the Single Pension Scheme (post 2013) and not allowed to make any additional contributions through this. Therefore I am looking into AVCs, PRSAs or Personal Pensions. However I am unsure what best suits me considering self employment and a possibility of that being full time in future. If this came to be I presume I would need something flexible to continue investing into the fund. I'm probably misunderstanding some things but my options as I see it are to setup

    1) an AVC through work through the likes of Cornmarket (easiest revenue wise but not sure how it's affected if I ever left service)

    2) a PRSA AVC with other providers (claim tax relief annually myself, more flexible for self employment?)

    3) a Personal Pension (mentioned online as being good for self employed but tbh I am not even sure what the differences are between a PRSA and a Personal Pension?)

    Considering the self employment aspect what would others advise as the most appropriate method?

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