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PS Pension

  • 24-07-2015 4:12pm
    #1
    orlaithmum
    Registered Users, Registered Users 2 Posts: 17 ✭


    Please bear with me, as I don't know a lot about pensions....

    I am a full time public service employee and I pay the usual pension contributions and pension levy monthly, but no extra AVCs or anything like that.

    When I retire, I will have nowhere near the 40 years of payments required to have a full pension, probably nearer half that (20 years). From my understanding, this will mean a pension of approx 25% of my final salary (I know they take an average over a few years, & not your actual final salary).

    Because I joined the PS in 2006, I believe the contributary old age pension, that I pay for with PRSI, is included in my public service pension, rather than on top of it?

    My query is this: What happens if my pension is worked out on a final salary of say €44,000. I get 25% of that (i.e. €11,000). But the COAP is currently almost €12,000. Does this mean I get nothing for my 20 years of pension contributions?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,476 ✭✭✭✭coylemj


    Different parts of the public service have different formulae for calculating the pension, you'd be much better off asking your union those questions.

    The issue of taking the state old age pension into account when calculating what your employer pays you as a pension is called 'integration' in the private sector and 'coordination' in the public sector. Ask the union.


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