I was given a calculation of 1/80 x final salary minus 2 x OAP Pensions x no. of years service.
Thanks so much for that. Much appreciated.You PS pension scheme provides two benefits:
- a pension of 1/80th of Salary for each year of service. So 40 years service gets you the max pension of 40/80ths (50% of pensionable salary - ie Salary less 2xState Pension)
Plus
- a lump sum of 3/80ths of Salary for each year of service (max 150% after 40 years).
The logic for the 2xOAP deduction, is that since your max pension will be 50% of salary, the State Pension (no longer referred to as the OAP) of c€13k represents 50% of c€26k of salary. So your PS pension then provides 50% of salary in excess of c€26k. When to two pensions are added together, your total pension would be 50% or Salary (assuming 40 years service).
I don't fully understand the question. But just to say that when he applies for the State Pension the DEASP will calculate his pension solely on his total PRSI record. It is totally irrelevant to them whether his Class As (or another contribution class) were accumulated in the PS or in the private sector. It is also irrelevant to them whether he is getting a Supplementary PS pension, or at what level it might be at. At the moment the DEASP use both the "Averaging Approach" and the "Total Contribution" approach to calculate State Pension eligibility rate based on his total record and award whichever is the most favourable.Question: Assuming he is on integrated calculation for pension at 65/66, do the class S contributions entitle him to any additional State Pension or is it capped at one full State Pension in all circumstances? I hope this makes sense. Thanks in advance. Sim
Class B contributions are not reckonable for State Contributory purposes.He started in the CS in 1983 and worked for 2 years paying B1 prsi.
After a lengthy break he rejoined in 1996 and paid A class prsi until retiring, early, in 2013. He has 52 reckonable contributions per annum for 14 of those years. For 13 of those years he was employed part time by his family firm, paying class S prsi.
Subsequently, he is recorded as accruing 52M contributions which it seems are not reckonable.
Not in the circumstances that you have outlined above.do the class S contributions entitle him to any additional State Pension
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