I am 57 and have 24 years full time service working as a nurse in the HSE. I'm class D.
What are my entitlements if I reduce my hours to halftime for the next 3 to 8 years. How will my lump sum and pension be affected .
If you go halftime for the next 8 years it will count as 4 years for pension purposes. In this case your lump sum at 65 would be 84/120 times your pensionable remuneration (salary plus pensionable allowances). Your annual pension would be 28/80 times your pensionable remuneration.
If you continue to work full time until 65 the figures become 96/120 for the lump sum and 32/80 for the pension.
I am assuming your "normal retirement age" is 60. In this event if you worked full time for the next three years your lump sum at 60 would be 81/120 of pensionable remuneration for the lump sum and 27/80 for the annual pension.
what would happen if you had a final salary pension and took a demotion, which halved your salary, in advance of retirement? Would it greatly impact the pension or is there some protection for years at the higher salary?
The pensionable emoluments/allowances can be based on the average of 3 best consecutive years in the last 10 years of service. I don't think this applies to pensionable salary.
If you got a part time job and earned at least 38 euro per week in the private sector you could gain A class Prsi contributions. This would increase your level for qualification for state contributory pension. You would only need to work 4 hours per week at minimum wage.