So here I go again, just to assure my self that I'm doing it correctly.
3.333333 CSP = 40,578.64 pa
(3.3333333)(233.30x52.18)(1/200)(35yrs) = 7101.26 pa
(50k - 40,578.64)(35/80) = 4121.85
Work pension payable at age 62 = 11,223.11
Almost. 233.30 x 52 = 12,131.60 x 3.333333 = 40,438.66.
The first part of the formula is 1/200 of your salary below 40,438.66 = 202.19, multiplied by 35 years service = 7,076.76
The second part is 1/80th of the balance of your salary over 40,438.66 <50,000> = 9,561.41/80= 119.51, multiplied by 35 years = 4,183.08.
Both these totals are added together to provide the occupational part of the pension, the calculation is to "offset" the part of the pension that is supposed to be taken care of by the SW benefit, combined they total 11,259.84.
35/80 class D would get 50k*35/80 = 21,875
Yes, that is his entitlement and it is also your entitlement. The make up of your pension is different, not the entitlement.
So shortfall of 10,651.89 to be covered by supp pension.
No. All your social welfare benefits are "integrated" into your occupational scheme. If you have worked for 35 years and paid PRSI for 35 years and are "fully insured" and when both your occupational pension, which is 11,259.84, is combined with the social welfare payment which is 12,131.60, and it provides you with your 50% pension entitlement - then there is nothing to supplement.
Here it is again from the handbook:
"In calculating pension at paragraph 11.7 above, it is assumed (a) that the officer
concerned is always entitled to social insurance benefits and (b) that he/she is eligible
for the maximum personal rate of such benefits. However, depending on a particular
individual's PRSI contribution record, it may transpire that - through no fault of the
officer concerned - he/she either has no entitlement to the specified social insurance
benefits, or even if so entitled, is eligible for less than the maximum personal rate of the
Contributory State Pension payable to a single person without dependants. In such
cases, the officer may be paid a supplementary pension, to take account of the
difference between their personal circumstances and the general assumptions on which
standard pension calculations are based."
It continues:
"In such cases, the supplementary pension payable comprises the difference (if any)
between
(a) the amount of the actual pension awarded to the officer plus the amount (if
any) of the personal rate of social insurance benefit or pension payable to
him/her; and
(b) the amount of the pension which would have been awarded to the officer
if that pension had been calculated by reference to the calculation method
for pre-6 April 1995 officers set out at paragraph 11.8."
We calculated your "occupational" pension as 11,259.84, we calculated the pre 1995's pension as 21,875, your occupational pension of 11,259.84 is then to be added to whatever social welfare payment you are entitled to.
Only after these two are combined and if they do not amount the same pension as the pre -1995 member - then the supplementary pension comes into play.
For example, if you only had entitlement to a reduced rate of the state pension and if this was due to a PRSI gap due to illness (or unemployment), and if you were entitled to the minimum rate, which is approximately 95 euro, then the supplementary pension would be the difference between your 11,259.84 plus 95 x 52 = = 16,199.84.
Supplementary pension payable = 5,675.16.
Again from the booklet:
"Thus, in the case of an officer with maximum service (40 years) who retires at age 65 and has no dependants,
his/her total pension benefit (i.e. social insurance pension plus civil service pension)
would amount to 50% of pensionable remuneration (the same total award as is payable
to a pre-6 April 1995 appointee)."
I think 40,578.64 should be 40,434.62?
It is 3.333333 the current rate of the state pension, from the booklet.
"31/3 times the current rate of CSP"
Last edited: