Public Service pension advice

Salmon

Registered User
Messages
106
Hi folks,

Just a quick question for those who are knowledgeable on PS pensions. Both myself and my OH are Public servants. I am due to retire at 57 with a full pension but my oh who started service in 2004 will need to work to 66 (we think for a full pension). We have a young family and would be happy for me to continue to work until retirement with my OH taking parental leave and jobsharing over her service and to ultimately finish with between 20 and 30 years of contributions in order to have a 20/80th or 30/80th pension.
The question I would like to pose is, is it possible for us both to retire at the age of 57? Any advice?
 
I'm not very knowledgeable but I think she can retire at 57 with actuarial reduction. A quick google gives a actuarial figure of 64.1% for the pension and 85.6% for the lump sum.

So if she has 30 years service at age 57 and retires and claims pension immediately (rather than waiting for a preserved benefit at age 65) she'd get:

0.641 x (30 x salary/80) pension
0.856 x (90 x salary/80) lump sum
 
If you retire at 57, you will be paid a reduced pension as pointed out. However, your OH, as she is a 2004 entrant will be on an "integrated " superannuation scheme. AFAIK, she will not get the state pension until 66 or so. Her actuarially reduced pension would be quite small.
 
If you retire at 57, you will be paid a reduced pension as pointed out. However, your OH, as she is a 2004 entrant will be on an "integrated " superannuation scheme. AFAIK, she will not get the state pension until 66 or so. Her actuarially reduced pension would be quite small.
Would his wife not get a supplementary pension at age 57 to make up for not getting the state pension?

Do post 04 people have different T&Cs when it comes to supplementary pensions than post 95, pre 04 people.

My current understanding (which may very well be incorrect) is that pre 95ers and post 95ers with the same salary, service, actuarial reduction etc. get the same "total" pension but it is just made up differently.

However if the pre 95er has worked in the private sector at some point and paid class A PRSI, they can get a state pension at age 66 as well as their public service pension because their public service pension is not integrated with the state pension.

Although in this link it seems to imply that a supplementary pension isn't paid until age 60. However this articile does not cover actuarial reduction
http://www.pna.ie/index.php?option=...sion-circular&catid=51:latest-news&Itemid=110
 
Last edited:
Just had a look at the pension modeler and as far as I can work out if she retires at 57 she will recieve an actuarially reduced pension of €9360 approx. Am I correct in assuming the state pension would be payable upon reaching 65 (approx 12k)?
If this is correct, does anyone have any idea what is the best way to make up at least some of the shortfall between retiring and recieving the state pension? Not well up on this stuff!!
 
Just seen that the age for the State pension is going up to 68, damn cutbacks gonna leave an even greater gap!!
 
Just seen that the age for the State pension is going up to 68, damn cutbacks gonna leave an even greater gap!!
Just got reply back on this query from my HR department:

Supplementary pension is payable to fully insured Employees(Class A PRSI) from their minimum retirement age. A New Entrant who avails of Cost Neutral Early Retirement would be eligible to apply for Supplementary Pension on attaining minimum retirement age of 65 years. Please note that by the time a person who is 57 now reaches age 65, State Pension Age will be 67 (from January 2021).
 
Just got reply back on this query from my HR department:

Supplementary pension is payable to fully insured Employees(Class A PRSI) from their minimum retirement age. A New Entrant who avails of Cost Neutral Early Retirement would be eligible to apply for Supplementary Pension on attaining minimum retirement age of 65 years. Please note that by the time a person who is 57 now reaches age 65, State Pension Age will be 67 (from January 2021).

Slim, does that mean that a "pre '04" public servant with a retirement age of 60, a salary of €80k, 40 years of service at 60 and an "integrated pension" will get €40k of employment pension at 60 and circa €28k of employment pension plus circa €12k State Pension at 66/68/70?
 
Slim, does that mean that a "pre '04" public servant with a retirement age of 60, a salary of €80k, 40 years of service at 60 and an "integrated pension" will get €40k of employment pension at 60 and circa €28k of employment pension plus circa €12k State Pension at 66/68/70?
My understanding is that it is only a matter of funding. Total pension payable 40k, employee may lose the employer's 12k at 65 but will get it instead from the state.
 
Back
Top