PSRA undertake a pre-retirement consultation with our clients in the months leading up to retirement. The purpose of this is to paint a clear picture as to what a person can expect in relation to their finances at the point of retirement and into the future. The consultation is comprehensive and is tailored to your needs. Often however the same questions arise time and again.
- What will my pension and lump sum be at retirement?
- What will my take home pay from my pension be after tax and other deductions?
- Should I use my lump sum to reinvest or should it be used to clear loans and mortgages?
- How will my AVC benefits be treated for tax and should I choose taxable cash, an annuity or an Approved Retirement Fund?
- What is the most efficient way to ensure my pension assets pass to my next of kin in the event of my death?
In addition to the above questions often the timing of your retirement can be very important. Indeed in 2010 due to the measures announced in the recent Budget many people are looking at retirement from the public sector.
Independent Investment Advice
Ensure you understand all of your options before you commit to an long term investment. Many of PSRA's clients come to us as they have had negative experiences with other firms or banks. In choosing to invest monies that become available at retirement such as your gratuity or maturing AVC funds, make sure you receive independent advice.
Bank advisors will recommend you invest with the bank. Firms with whom you have AVC's will of course recommend you re-invest with them. You are fully entitled to take your business elsewhere to ensure the best charges, fund performance and service on what is potentially a serious, long-term, investment decision.
Read more about our approach to investing.
Make sure your choice is an informed one and arrange an appointment with an independent PSRA advisor on 1890 282 282.