Buying into Public Service Pension

extendormove wrote: »

Is it possible to buy into the public service pension when you start working in the civil service?

I have an AVC and I am considering a civil service job. Just curious if I can transfer my AVC funds into the public service pension - as such, buy years?

There is a number of approved company’s that deal with public sector pension options, I’m not a customer of any or have dealt with them so can’t comment on how good they are but public sector pensions are complicated and there is various different arrangements depending on which scheme you are part of.

For new entrants it’s a career earnings average model see more info

https://singlepensionscheme.gov.ie/#

https://www.gov.ie/en/policy-information/a97614-public-service-pensions/

https://www.pensionsauthority.ie/en/lifecycle/private_pensions/public_sector_occupational_pensions/


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

It may work out better to keep private pension pots separate to public sector scheme which when my circumstances were reviewed was the advice I got, but really you should seek qualified financial advice on what your situation is best suited to as there is so many individual variables.

There is a calculator tool to give a guide on the purchase or tranfer of single scheme

https://singlepensionscheme.gov.ie/for-members/scheme-information/single-scheme-member-purchase-transfer-calculation-tool/

Check out some of these companies which offer info on public sector / civil service pensions :

Cornmarket.ie

https://www.cornmarket.ie/uploads/13292_AVC_Scheme_Member_SQ_Booklet_08-18_REBRANDED_FA_WEB.pdf

Lyons Financial

https://lfs.ie/civil-and-public-service/


Hope that helps.

Notional service isnt cheap and sometimes isnt worth bothering with. New single service scheme is garbage compare to the old defined benefit scheme. Cant transfer private sector AVCs to public sector pension.