Hi all - appreciate some help here.
I am a teacher 47 with 17 years full time teaching experience and pension contributions. Before that I had clocked up 6 private sector pension yrs (guinness). I would really like to retire out of teaching at 55. The following are my rough calculations based on my current annual salary of approx 55k.
At 55 I will have 25 years service or 25/80
= 55k / 80 x 25 = €17,187.50
As I will be going 5 years earlier than my due retirement date this is reduced to 77.8%
77.8% of €17,187.50 = €13,371.80
€13,371.80 or €257.15 / week
My key question is as I am an A PRSI contributor the Old Age Pension is built into my pension. Does this mean that I could find myself at 55 after 25 years of service only getting circa €50 per week?
I had a recent meeting with a private pension advisor and he said that he thought that the supplementary pension would not be available in future years as they will have very high liabilities and was surprised that teacher unions didn't avoid this serious financial hit for their members.
Is there something that I'm missing here? Even if I work till 60 I won't be much better off minus the oap.... That's after 30 years paying into a pension! I think this is a bloody scandal
I am a teacher 47 with 17 years full time teaching experience and pension contributions. Before that I had clocked up 6 private sector pension yrs (guinness). I would really like to retire out of teaching at 55. The following are my rough calculations based on my current annual salary of approx 55k.
At 55 I will have 25 years service or 25/80
= 55k / 80 x 25 = €17,187.50
As I will be going 5 years earlier than my due retirement date this is reduced to 77.8%
77.8% of €17,187.50 = €13,371.80
€13,371.80 or €257.15 / week
My key question is as I am an A PRSI contributor the Old Age Pension is built into my pension. Does this mean that I could find myself at 55 after 25 years of service only getting circa €50 per week?
I had a recent meeting with a private pension advisor and he said that he thought that the supplementary pension would not be available in future years as they will have very high liabilities and was surprised that teacher unions didn't avoid this serious financial hit for their members.
Is there something that I'm missing here? Even if I work till 60 I won't be much better off minus the oap.... That's after 30 years paying into a pension! I think this is a bloody scandal