55/35 Rule for teachers

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pocoloco

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Apologies if covered already.
Wife intends retiring aged 55 at which time she will have 35 years service.
She joined the pension scheme before 1 April 2004.
Primary School teacher with masters and dept. principle (if that makes a difference)

I would have thought she would have had an actuarial reduction both with respect of her monthly pension and her lump sum as she was going to go before retirement age however in a post I put in the money makeover forum it was mentioned that as she fell under the 55/35 rule she would not have any reduction.
Am I reading that right or did I pick that up wrong that should she work on till 60 she would receive the exact same pension entitlement?
For the avoidance of doubt is there a formulae for calculating the pension if retiring at 55 with 35 years service done ?

many thanks
 
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The attached ASTI document may help.

Normally, PS can retire with work pension from age 60.

However, teachers in the pre-2004 schemes can retire with pension at 55, subject to some conditions.
 

Attachments

  • 2018_ASTI-pension-comparisons.pdf
    37.4 KB · Views: 14

Second Level - Pensions

Second Level - Pensions
www.tui.ie


Early Retirement

A teacher employed before April 2004 who has reached the age of 55 and has 35 years pensionable service may retire on pension. Two years will be credited for a 4-year training period, one year for a 3-year training period, to assist a teacher reaching the 35-year threshold (but will not count towards accrued pension entitlement).

There is no provision for early retirement at third level (and for all teachers employed post-2004) except on an actuarially reduced basis as set out below

A teacher may retire because of ill health. A Disability Pension is payable to a teacher who fulfils minimum service requirements and whose employer is satisfied that due to infirmity the teacher is not capable of performing his/her duties and the infirmity is likely to be permanent. Actual pensionable service may be increased by added years, (maximum of 6.66 years), in calculating pension and lump sum.
 
It was me who mentioned it, There is a great deal of information and linked docs here, on a thread about supplementary pensions:

Post 1995 Supplementary pension query

That’s great news, have been following with interest some of the information here as there appears to be a concerted effort to keep details of right s in these areas away from workers. I’ve found a lot of conflicting information and no clear way to actually find out an individuals right. My...
www.askaboutmoney.com

For example the screen shot above from dept circular:
 
It’s a fantastic deal. As a post-2004 public servant (non teaching) I’m even jealous.

Particularly good if you have employment options outside the education system.
 
Dr Strangelove said:
It’s a fantastic deal
Click to expand...
Am I naive in asking if such pensions actually have a pot or is it paid out of current taxation.

I used have a state DB pension in another country (and will have at retirement) but the contribution used change year on year to ensure the investment would meet the DB. The employers contribution was fixed.
 
My wife is a primary teacher, is there any INTO docs about pension? I tried looking it up, but the page requires INTO login. She started before 2004.
 
jaykay said:
My wife is a primary teacher, is there any INTO docs about pension? I tried looking it up, but the page requires INTO login. She started before 2004.
Click to expand...

This comparison document is a useful place to start.
 

Attachments

  • 2018_ASTI-pension-comparisons.pdf
    37.4 KB · Views: 7
Wife is a post 2004 Primary Teacher. Reading up their rules for Supplementary Pension, they also have a sweet deal

-have reached the preserved pension age (this condition does not apply to aperson in receipt of a pension on medical grounds or following retirement after reaching age 55 years with at least 35 years’ qualifying service

have reached the preserved pension age
This is age 65 for 2004-2012 starters. Same for all public servants in this cohort, you'd get 1 year supplementary pension. State Pension kicks in then from 66 and the figures change.

or following retirement after reaching age 55 years with at least 35 years’ qualifying service
A great perk for Primary Teachers. Most will start age 22 or 23, so could go at 57 or 58 in theory. In reality, most primary teachers are women and will have taken non pension accruing leave such as unpaid maternity leave, parent's leave and parental leave.

So might not hit the 35 years til say 60-62. If they took a career break they might never get to 35 years service.
 
thanks for the docs. I don't have the wife's INTO login yet, that's why I'm asking here.
So is it a defined benefit pension then? And is there an option to increase contributions, like most jobs that allow AVCs?
 
All public service pensions in Ireland are DB pensions (this excludes semi-states).

If public servants wish to enhance their pension benefits, the two ways are to:

(1) buy notional service
(2) start an AVC
 
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