new public pension scheme

fogfurn

hi there

some help please, so i am in public sevice pension since 2019 and i am 54, my salary is 60000 a year. my question is, as i presume i can retire only at 68 am i correct in saying my contributions will not be enough and how can i calculate approximately what monthly amount should i expexct when i retire,

secondly should i consider AVCs in public pension or set up a private one as buying back years is not offered in the new PS pension.

I have previously 3 years of an old occoupational pension and 3 years another public service pension back in 2005-2008.

any advice or help please on any of these

757TFFIU

Hi there,

If you go to this link, there's information regarding the calculation tool for the Post 2013 Single Public Service Pension Scheme (which I'm assuming you're a member of as you joined the public service in 2019): https://singlepensionscheme.gov.ie/for-members/scheme-information/single-scheme-estimator-tool/

And if you go to this link, there's the Department of Public Expenditure & Reform circular on purchasing additional retirement benefits:

https://singlepensionscheme.gov.ie/for-employers/circulars-legislation-2/circular-15-2019-purchase-and-transfer-of-retirement-benefits-under-the-single-public-service-pension-scheme/

The Post 2013 Single Public Service Pension Scheme is career averaged, so if you joined the public service in 2019 and are now 54, you aren't going to have a brilliant pension to be honest, even taking into consideration the 6 years you have from other pensions without purchasing additional benefits. Or, as you state, purchasing a private pension (which I'm no expert on to be honest).

Hope that helps a bit.

fogfurn

https://www.boards.ie/discussion/comment/120179442#Comment_120179442

thankyou for that and yes I know I wont have a brilliant pension. but hopefully it is not to late to enhance it some way now