Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Single Public Pension Scheme

Options
  • 15-09-2022 6:10pm
    #1
    deiselad17
    Registered Users Posts: 25 ✭


    I have a question with the new Single Public Pension Scheme. In my current profession I cannot work past 60. I have been informed that this pension is calculated on my average 30 years earnings (gross pay). Can anyone inform me on how it's calculated and not a case of eg €45k x 30yrs/30=45k but this is not what I will be receiving. Thanks in advance

    Tagged:


Comments

  • Options
    #2
    Ciaran
    Registered Users Posts: 915 ✭✭✭Ciaran


    https://www.boards.ie/discussion/2058263531/single-public-pension-scheme

    The idea is that the pension approximates:

    (Average salary - 2xState pension)x(Years worked)/80.

    So working for 40 years gives a pension of half the average salary minus the state pension. Inflation is taken into account in calculating the average salary BTW.

    The actual calculation is complicated but that gives a rough idea. The previous pension scheme uses final salary instead of average salary in the formula.



  • Options
    #3
    deiselad17
    Registered Users Posts: 25 ✭deiselad17


    Ciaran, thanks for that. Appreciated!



Advertisement