Early retirement options for SPSPS public sector workers

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poorrelative

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Am I correct that a Public Sector worker in the SPSPS can really only retire early if they take CNER? Since they can't contribute to a PRSA or BOB (unless they have other non-PS employment) then there isn't really an option to retire (resign) early and preserve their pension and AVC until 66. What I mean is that they can't contribute to a non-PS linked pension that they can access at 50. If true this may come as a shock to a lot of late entry PS workers who wish to retire early.
 
If I'm understanding your query correctly, that's true of all public sector and private sector pension schemes; not just the SPSPS.

If you have just the one source of earned income - the day job - and you're in the employer's Occupational Pension Scheme, then your only avenue for contributing extra is via AVCs, AVC PRSAs or purchasing additional years in a Defined Benefit scheme. All of these options must be retired at the same time as the main scheme benefits.
 
Yes I agree, you are correct that it is the same for all workers but I guess the later PS entrants have a much later NRA.
 
poorrelative said:
then there isn't really an option to retire (resign) early and preserve their pension and AVC until 66.
Click to expand...

A PS can resign at any stage, and their pension will be preserved, and will start at the NRA, e.g. age 66.

They can't resign at an age like 52 and start drawing their pension at age 52, unless

(1) Garda or job with earlier retirement age
(2) CNER applies
(3) early-retirement on ill health grounds

poorrelative said:
What I mean is that they can't contribute to a non-PS linked pension that they can access at 50.
Click to expand...

Yes, correct.
 
They could retire early and fund their early retirement from savings or new employment.

They could also claim JPRB and BP65 if they meet the qualification rules.

They could mix periods of employment and periods of Jobseekers claims on an ongoing basis.
 
If you wish to retire early but can't afford to bridge the gap before NRA and when you would take preserved pension then taking CNER makes total sense. Don't see why it would be avoided I don't really understand the hate for it - it's a decent option to have imo!
Especially if you are thinking you might die a few years earlier than average! :)
 
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