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Notional Service Query

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  • 14-08-2017 9:44am
    #1
    mockingjay
    Registered Users Posts: 420 ✭✭


    I recently enquired about the above, entered teaching from the Private Sector in 2009 and wanted to sort my pension out. I have received a quotation for a periodic deduction for the next 19 years (the shortfall in contributions is 14 years for a teaching pension) which would be a whopping €223 per fortnight (yes fortnight) until i'm 65! It would definitely leave me very stretched! I'm wondering if anyone would have any advice on paying this. For example, if I do not reach pension age is all of this money lost (i.e. death), can I claim 25% tax back on the €223 and if so how easy is it, it doesn't give me much info on this, and finally, do you think it's worth it. My private sector pension (15 years) doesn't really seem to come into it as far as I can see, but I don't think it would be worth a whole lot anyway, I can't even get proper information from my previous employers, they just send me from Jack to Joe companies and back.

    This amount is based on my current salary, I'm also wondering if this is a fixed amount that would remain if I get future salary increases or promotions - I have to decide to enter the contract by next week. My first enquiry to the Department was back in February and they only posted out the quotation last Friday, so I think phoning them might take an age to get a response.

    Thanks in advance.


Comments

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    #2
    Redser87
    Registered Users Posts: 610 ✭✭✭Redser87


    Could you phone your union and ask? I have found primary payroll to be quite efficient whenever I phone them. Or could you look into an AVC? I'm sorry, I have no idea about pensions, maybe someone else will be able to answer the question!!


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    #3
    Geuze
    Registered Users Posts: 13,507 ✭✭✭✭Geuze


    Buying NSP is expensive, yes.

    You have to ask yourself do you need it?

    Will the combination of the following be enough income for you in retirement?
    • previous job pension
    • PS teaching pension
    • State pension

    If those three will give you enough, then why bother with NSP?


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    #4
    MrJones1973
    Closed Accounts Posts: 997 ✭✭✭MrJones1973


    How old are you? Buying back years is expensive. I would not try to hit 40 years. 35 is enough . Even 30.You would have to live a long while beyond 65 to get back a lot of the money you put in. If you try to buy back 20.

    You are on the new pension system? The return for that might not be great.
    I would contact Corn market. They will try to sell you stuff. Dont give in but they understand the system and thats what you need. Then with corn market system-ring or e mail the department and make an application before your next birthday. The Department are very slow-a response can take 8 weeks. I kid you not. An application is not a commitment but it gives you the figures.
    There is also a guy in ASTI-Head office-Desmond O toole who knows a huge amount. The TUI should have the same .


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