Public Sector Pensions - Help !

If you started in the public service after 1995, you are paying A class PRSI, so will be eligible for the State Pension and the PS pension. This is the integrated pension model. The 2 pensions together would be roughly half of your salary after 40 years. The calculator you looked at can only work out the PS pension amount, which is the non-integrated portion

Your HR or Superannuation section should have more information on how the integrated pension scheme works.

Also effectively, the same difference to the OP.

Hi running buddy, what year did you actually join do you mind me asking, because if you only have 25 years service then you joined in 1997, not pre 1995.

The outcome is going to be the same by the way, your full pension, based on full PRSI and 40 years service will be 50% of your final pensionable salary, it's where it comes from that will be different.

Hi runningbuddy,

They're treating you as if you are post 1995 paying a Class A PRSI stamp, so you need to check that out firstly.

If you paid a Class A PRSI stamp then this is how it is calculated based on a 50k final pensionable salary:

Integrated pension:

Annual State Contributory Pension today's rate is 253.30 weekly, annually it's 13,171.60 X 3.333333 = 43,905.33/200X40 = 8,781.07

50,000 <43,905.33> = 6,094.67/80X40= 3,047.33 + 8,781.07 = 11,828.40 (That's the occupational pension).

Pension entitlement is 25k, shortfall is 13,171.60, the annual rate of the State Contributory pension.

Add the 3 altogether.

8,781.07

3047.33

13,171.60

TOTAL - 25k

If you are pre 1995 and did not pay a Class A PRSI stamp then you do not have entitlement to the State Pension, the pension calculation is very simple:

Non integrated assuming 50k final pensionable salary = 25k

50,000/80X40 = 25k

Just to add here that can't get over 50% of your final pensionable salary for 40 years because that is the maximum.

@runningbuddy

if you started pre April 1995, then first thing to check is are you paying PRSI class A or class D?

If only it were so straightforward Geuze, I undertook random daily/weekly subbing hours for years. I only started to keep all my payslips after 2012 so before that for 4 years I've no personal record.

Just out of interest though . Let's say in 2013 I paid €600 into department pension scheme... How does that translate at the other end when it comes to retirement? Is it hours I worked that year.... Or € amount I put in?

Hi, just an additional question for this v knowledgable community.

Post-1995 scenario - 49yo employee who has currently 17.5 years service+ potentially added service years (for qualifications). What happens if they decide to retire from the PS early, say at 55. They won't have full 40 years service understandably, but would be to good to confirm that they would be able to access the occupational part of their pension (such as it is) at that age. My understanding is that you can retire post-50.

FYI it's for Mrs Gonne - stressful job (which one isn't..), and she's beginning to feel the pace a little, so we are just looking at options. I'm private sector, will prob have to keep working til 65, but have no background to understand her situation.

Thanks, JG

You can also apply to retire under the 'cost neutral early retirement scheme' from age 50 or 55 depending on scheme, you can access benefits but they will be actuarially reduced to reflect the early retirement age

Typically, the only AVC broker that has the ability to put payments through the PS employer payroll is Cornmarket broker.

Otherwise, pay into AVC from bank account, tell Revenue, and get tax relief that way.

If you submit the AVC cert to Revenue, you can get the tax credits adjusted, so you get tax relief month by month, rather than waiting to do tax return.