Let's says someone is in a public sector admin job and was recruited post 1995 but before 2004. They wish to leave the public sector well before retirement age. Had they stayed in the service they would have had 40 years by age 62.
Does their preserved benefit apply at age 60, 62, 65 or at some other age? Is there an actuarial reduction if it is claimed at age 60, 62 or 65.
Let's say they have 10 years service, do they get a 1/4 lump sum and a 1/4 pension at retirement age. If this 1/4 pension is less than a full contributory old age pension, can PRSI contributions then be looked at to ascertain if they are eligible for a full contributory old age pension.
Alternatively let's say that they have 20 years service and get a 1/2 lump sum and a 1/2 pension with this pension being higher than the contributory old age pension. But if they paid no PRSI from the time they left the public service to when they retired - do they still get the 1/2 pension?
Does their preserved benefit apply at age 60, 62, 65 or at some other age? Is there an actuarial reduction if it is claimed at age 60, 62 or 65.
Let's say they have 10 years service, do they get a 1/4 lump sum and a 1/4 pension at retirement age. If this 1/4 pension is less than a full contributory old age pension, can PRSI contributions then be looked at to ascertain if they are eligible for a full contributory old age pension.
Alternatively let's say that they have 20 years service and get a 1/2 lump sum and a 1/2 pension with this pension being higher than the contributory old age pension. But if they paid no PRSI from the time they left the public service to when they retired - do they still get the 1/2 pension?