By the way - the pension modeller is wrong.
When I enter my details it tells me:
"If you retire at age 60 you would receive a once off tax-free retirement gratuity of €73,196, less the deduction of any outstanding contributions. You would also receive a pension of €14,498. Your pension would be paid in arrears on a fortnightly basis. Based on your Class A Social Welfare status, you may also be entitled to a Social Welfare contributory Old Age Pension from age 66, currently €12,173.59 per annum. If through no fault of your own you fail to qualify for a Social Welfare benefit, you may be entitled to a supplementary pension. "
There is no such pension as the OAP, it is now called the state contributory pension, furthermore - they have the rate incorrect:
It is now 233.30 per week or 12,131.60 - not 12,173,59.
My Social Welfare "benefits" are supposed to be "integrated" into my pension entitlements which are 50% of my final pensionable salary.
They have DEDUCTED this benefit - not "integrated" it - it also falsely tells me that this benefit - which is supposed to be "integrated" into my pension is not payable to me until I am 66.
After working for 30 years paying 40 years direct personal pension contributions (we double up for the final 10 years service), and because I have been working and paying a Class A stamp since I was 16 - 44 years of PRSI - I am "entitled" to a pension of €278 per week. If I don't work a day in my life I get 188 until I retire and then I get a few quid less then the non contributory state pension - and yet the "experts" can't see this?
This applies to every single PS employee who joined after 1995.
Let's take a normal Civil Servant who joined in 1995 but post 1995, so 21 years service.
Date of Birth 9/2/1975 Projected retirement date at age 65 09/02/2040
Pensionable Service to date 21 years
Service from today to retirement 23 Years and 97 Days Projected future working pattern 100% (Full Time)
On a retiring salary of 45k and a compulsory retirement age of 65 - it tells me:
"Your Benefits on retiring at age 65 (Based on current salary and Social Welfare rate)
If you retire at age 65 you would receive a once off tax-free retirement gratuity of €67,500, less the deduction of any outstanding contributions. You would also receive a pension of €10,326. Your pension would be paid in arrears on a fortnightly basis.
Based on your Class A Social Welfare status, you may also be entitled to a Social Welfare contributory Old Age Pension from age 66, currently €12,173.59 per annum. If through no fault of your own you fail to qualify for a Social Welfare benefit, you may be entitled to a supplementary pension. "
The state pension age will increase to 67 years in 2021 and to 68 years in 2028, the retirement year of the example above is 2040, yet this is saying that the age is still 66.
Furthermore, after this person has worked in the CS from 1995 - 2040, 45 years, paid a personal pension contribution for 45 years and full PRSI for 45 years, their "pension" is 10,326 - 198 a week, a few quid more then the dole.
My god. How people cannot see the major, major screw up here is beyond me.
According to the "experts" every one of these employees will have to sign on the dole because they will all have the same massive shortfall.
After exhausting the SW entitlements they are then to apply for a supplementary pension - which means that they can't work if they wish and all because some idiot has misinterpreted the rules of the pension scheme, they have ignored all the relevant circulars, documents and legislation - because hey, they know better eh.