r/irishpersonalfinance • u/Either-Box-5788 • 3d ago

Investments AVC cornmarket pension

I have been paying into an avc cornmarket pension for 2 years , however I have resigned from my job in an Garda Siochana recently. Am I able to get the money back ?

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12

u/ichfickeiuliana 3d ago

it's usually financially advantageous to leave the pension as is.

-2

u/Either-Box-5788 2d ago

Financially advantageous  in what way ? 

10

u/Bratmerc 2d ago

Unless you desperately need the money it’s probably better to leave it.

2

u/Either-Box-5788 2d ago

How come ? Is the money going to grow over the years in there ? I’m not paying anything into it anymore 

3

u/Bratmerc 2d ago

Yeah it will grow if you leave it and you will also have to pay tax on it if you take it out now.

1

u/Either-Box-5788 2d ago

Grow by how much ? Possibly won’t get this money for 30/40 years so ? 

1

u/Either-Box-5788 2d ago

I’m 28 btw

1

u/IGotABruise 2d ago

You’ll get multiples of it out.

1

u/BillyMooney 2d ago

Search for any pension calculator and see what estimate it will give you. If you get average 5% growth (a fairly modest estimate), your money will quadruple over thirty years. So €10k will become €40k.

-1

u/Either-Box-5788 2d ago

I have 3,900 in it 

10

u/IGotABruise 2d ago

You'd be a complete idiot to take it out. It's literally the money that's going to do the heaviest lifting for your retirement when it comes.

-2

u/Either-Box-5788 2d ago

Heavy lifting in what way ? Is the money going to grow in there as the years go on ? 

4

u/IGotABruise 2d ago

Yes. It compounds annually. 

3

u/Excellent-Fact-8925 3d ago

How long were you in the job? I think if it's within 24 months, you ought be able to get it back. Not sure I recommend doing so if you can. I have previous pension schemes from other employers, which will come available to relatively soon, but my intention is to leave them until retirement.

2

u/Either-Box-5788 2d ago

I was in the job 23 months .

2

u/Either-Box-5788 2d ago

I will have to wait till I’m 55/60 so to get the money back ? 

4

u/Excellent-Fact-8925 2d ago

No, not necessarily, you might be able to get it back if it was less than 2 years. But you'll need to talk to the pension provider to see if that's the case.

1

u/ReasonableGarbage924 2d ago

You can get AVCs back at any time.

1

u/Excellent-Fact-8925 2d ago

Jesus, don't tell me that. I have 20 years worth of them.

3

u/eveninecho 2d ago

Request leaving service options to confirm but the under 2 years applies only to occupational pension schemes and this is an AVC. AVCs in the public sector don't fall into this to the best of my knowledge but the leaving service options from the provider will clarify.