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Newbie question about pensions

  • 22-08-2016 11:25am
    #1
    whizkid9
    Registered Users Posts: 109 ✭✭


    How much money my employer contributes to my pension each month? I was told that I will be under [font=Arial, Helvetica, sans-serif] Single Public Service Pension Scheme. Do they cut these amount from my salary? Or this is an additional amount paid by the employer? thank you![/font]


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    Why not ask your employer?


  • #3
    whizkid9
    Registered Users Posts: 109 ✭✭whizkid9


    Asked already. Havent got back to me in a week


  • #4
    whizkid9
    Registered Users Posts: 109 ✭✭whizkid9


    Normally how does the pension system work?


  • #5
    Geuze
    Registered Users, Registered Users 2 Posts: 13,578 ✭✭✭✭Geuze


    whizkid9 wrote: »
    How much money my employer contributes to my pension each month? I was told that I will be under [font=Arial, Helvetica, sans-serif] Single Public Service Pension Scheme. Do they cut these amount from my salary? Or this is an additional amount paid by the employer? thank you![/font]

    You mention the Single PS pension, so I assume you are a public servant.

    If so, there is no PS pension fund.

    There are no employer contributions, as there is no fund to contribute to.

    You will pay a contribution, but this does not go into a fund, as PS pensions are unfunded.


  • #6
    whizkid9
    Registered Users Posts: 109 ✭✭whizkid9


    Geuze wrote: »
    whizkid9 wrote: »
    How much money my employer contributes to my pension each month? I was told that I will be under [font=Arial, Helvetica, sans-serif]Single Public Service Pension Scheme. Do they cut these amount from my salary? Or this is an additional amount paid by the employer? thank you![/font]

    You mention the Single PS pension, so I assume you are a public servant.

    If so, there is no PS pension fund.

    There are no employer contributions, as there is no fund to contribute to.

    You will pay a contribution, but this does not go into a fund, as PS pensions are unfunded.

    Sorry can you elaborate, what you meant by "PS pensions are unfunded" ?
    The contributions I make will be returned if I change the employer?


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  • #7
    Spocker
    Moderators Posts: 6,864 ✭✭✭Spocker


    Here are some links I found after a quick Google, they may be able to help

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

    http://www.per.gov.ie/en/single-scheme/


  • #8
    Geuze
    Registered Users, Registered Users 2 Posts: 13,578 ✭✭✭✭Geuze


    whizkid9 wrote: »
    Sorry can you elaborate, what you meant by "PS pensions are unfunded" ?
    The contributions I make will be returned if I change the employer?

    Only if you leave within two years.

    Beyond that, your pension benefits will be preserved.


  • #9
    Geuze
    Registered Users, Registered Users 2 Posts: 13,578 ✭✭✭✭Geuze


    whizkid9 wrote: »
    Sorry can you elaborate, what you meant by "PS pensions are unfunded" ?

    There is no fund.

    Benefits are paid out of general taxation.


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