Superannuation - Speak to the Experts

The public sector pension or Superannuation is an excellent benefit of those employed in the public sector. While it is based on the simple concept that benefits are based on your service and salary at retirement, it is becoming increasingly complex.  To allow your members accurately forecast and plan their retirement it is important they receive the correct advice as early in their career as possible.

Most advisors geared to the private sector such as banks, insurance brokers and accountants are simply not equipped to deal with all the relevant areas. PSRA are expert in Superannuation and the best way to maximise benefits in retirement.

There have been a lot of discussions recently in the media in relation to public sector pensions and some of the proposed changes that may be coming into effect. PSRA are best placed to understand the implications of such changes for your members. In addition it is crucial that any advisor working with members understand the rules and historical situations that apply to members that may have commenced pensionable employment at different times.

Areas to be considered

Treatment of service history

• Breaks in service
• Job-sharing
• Part-time service
• Career breaks

Early Retirement schemes including Cost Neutral Early Retirement

“New Entrant” Rules

Career Average v Final Salary calculations

Non- Pensionable income such as on-call income or private practice income.

Professionally added years.

Funding missing years

• Buying Back Years/PCW Buyback scheme
• Notional Service Purchase (NSPs)
• Additional Voluntary Contributions (AVCs)
• Last Minute AVCs
• Personal Retirement Savings Accounts (PRSAs)

Benefits and options in retirement

• Pension
• Gratuity
• Spouses and Children’s Pension
• Approved Retirement Funds (ARFs) & Annuities
• Tax-free cash
• Taxable cash

Tax Rates, Cut-off points and credits (both before and after retirement)

PSRI Rates

Revenue rules, especially

• Tax Relief on pension contributions
• Funding Rules on pensions
• Tax treatment of pension benefits in retirement

Pension Levy

Marital Status and Children (if any)

Inheritance and Marital separation Issues

Ill Health Early Retirement Pension

Contributory Old Age Pension

Talk to a PSRA expert today about any of the above areas. Call 1890 282 282 to speak to an expert or arrange an appointment.   PSRA will work with your members to allow them plan their retirement with confidence.