E
egl
Guest
Have been trying to get more information on this for a couple of acquaintances who are affected: I hope I can make my self clear on the situation.
As I understand it, since 1995 entrants to public service superannuation scheme pay PRSI class A and pension is calculated on a co-ordinated basis .ie. superann would pay pension entitlement less the amount of the contributory old age pension.
However, as contributory pension is not payable until age 66, the shortfall must be made up, in the case of a person retiring at for example age 59. This is where the 'supplementary pension' comes in.
What my acquaintances have discovered is that there is a condition attached to the 'supplementary pension' to the effect that it is not payable if the pensioner undertakes any employment for which PRSI has to be paid. So it would appear that taking on extra work will cancel itself out to the amount of the supplementary pension.
This will also affect public service personnel who are currently on D rate PRSI if they buy back service, because it seems that the bought back years have to be on the co-ordinated basis, so part of their pension in regard to those years
Any further clarification would be greatly appreciated.
As I understand it, since 1995 entrants to public service superannuation scheme pay PRSI class A and pension is calculated on a co-ordinated basis .ie. superann would pay pension entitlement less the amount of the contributory old age pension.
However, as contributory pension is not payable until age 66, the shortfall must be made up, in the case of a person retiring at for example age 59. This is where the 'supplementary pension' comes in.
What my acquaintances have discovered is that there is a condition attached to the 'supplementary pension' to the effect that it is not payable if the pensioner undertakes any employment for which PRSI has to be paid. So it would appear that taking on extra work will cancel itself out to the amount of the supplementary pension.
This will also affect public service personnel who are currently on D rate PRSI if they buy back service, because it seems that the bought back years have to be on the co-ordinated basis, so part of their pension in regard to those years
Any further clarification would be greatly appreciated.