The proposed change to Total Contributions Approach in the forthcoming Pension Reform Legislation due to be published soon will I believe affect adversely a significant number of Public Servants who retire prior to this legislation becoming law (Jan 2024 as per government proposal).
Those Public servants who are post 1995 entry and who up to now can retire with a supplementary pension under the current law but who do not have the total number of PRSI contributions necessary for a larger pension under TCA rules can get a higher pension under the old system when they reach age 66.
If the new legislation goes through unaltered ,likely hundreds if not thousands of public servants who retired between 60 and 65 years of age with a Supplementary Pension before 2024 will see their pensions reduced considerably .
This will be a law which will retrospectively apply negatively to people who availed of their pensions, who are legally entitled to claim a supplementary pension without the right to work and then will find their State Contributory Pension reduced after the fact.
The fact ,or not ,whether the TCA approach is fair and right is irrelevant imo as the law will effectively be retrospective to those who have already retired under the current legislation.
I believe the Unions in the Public Service are completely unaware of the consequences for those who retire prior to 2024 with a supplementary pension.
I think anyone who is post 1995 Entry and who retires anytime during the five years before Jan 2024 will find their final pension at age 66 cut.
If other people ,like me ,find themselves in this category it would be time to start canvassing Union Reps and TD's .
Those Public servants who are post 1995 entry and who up to now can retire with a supplementary pension under the current law but who do not have the total number of PRSI contributions necessary for a larger pension under TCA rules can get a higher pension under the old system when they reach age 66.
If the new legislation goes through unaltered ,likely hundreds if not thousands of public servants who retired between 60 and 65 years of age with a Supplementary Pension before 2024 will see their pensions reduced considerably .
This will be a law which will retrospectively apply negatively to people who availed of their pensions, who are legally entitled to claim a supplementary pension without the right to work and then will find their State Contributory Pension reduced after the fact.
The fact ,or not ,whether the TCA approach is fair and right is irrelevant imo as the law will effectively be retrospective to those who have already retired under the current legislation.
I believe the Unions in the Public Service are completely unaware of the consequences for those who retire prior to 2024 with a supplementary pension.
I think anyone who is post 1995 Entry and who retires anytime during the five years before Jan 2024 will find their final pension at age 66 cut.
If other people ,like me ,find themselves in this category it would be time to start canvassing Union Reps and TD's .