I am 50 and have worked in the private sector since I was 18 with probably about 2 years of career breaks in that time. The remainder of the time, I have paid tax and prsi.
I have built up a private pension and savings of 800k +.
I now have an option to enter the Public Service and join the Single Public Service Pension.
I will retire at age 67 in 17 years time.
My question is, do I have enough stamps from my private sector work so that on retirement age at say 67, I will receive the Contributory State Pension (which I understand is not means tested?)
OR
Will I only be entitled to the Non Contributory State Pension and therefore be means tested and miss out on a State pension because of my savings and private pension?.
Finally, if I qualify for the Contributory State Pension, will I get it in addition to any Single Public Service Pension I receive.
It is proving very difficult to figure this out searching online and any help would be great as this is feeding into my decision on whether to take the Public Service job.
I have built up a private pension and savings of 800k +.
I now have an option to enter the Public Service and join the Single Public Service Pension.
I will retire at age 67 in 17 years time.
My question is, do I have enough stamps from my private sector work so that on retirement age at say 67, I will receive the Contributory State Pension (which I understand is not means tested?)
OR
Will I only be entitled to the Non Contributory State Pension and therefore be means tested and miss out on a State pension because of my savings and private pension?.
Finally, if I qualify for the Contributory State Pension, will I get it in addition to any Single Public Service Pension I receive.
It is proving very difficult to figure this out searching online and any help would be great as this is feeding into my decision on whether to take the Public Service job.