House sold and left with 160K debt

My salary is 50 k- i work in public sector.
I am post 2004 entrant- my pension will be 25k if I work for 40 years!
My retirement age is 65.
This 25k is made up of State Pension (circa 12k).
So for all my contributions I get 13k per year 65-68 years.25k after 68.
Contributions 6.5 % and a pension levy of 7.5%. Plus full prsi payments.
If I sat on my hands and did not work I would get 12k at 68.
 
Pinkpanter said:
My salary is 50 k- i work in public sector.
I am post 2004 entrant- my pension will be 25k if I work for 40 years!
My retirement age is 65.
This 25k is made up of State Pension (circa 12k).
So for all my contributions I get 13k per year 65-68 years.25k after 68.
Contributions 6.5 % and a pension levy of 7.5%. Plus full prsi payments.
If I sat on my hands and did not work I would get 12k at 68.
Click to expand...

You will have to bear with us, not many people outside the public sector understand the full details of the pension arrangements.

Perhaps you can tell me, is the pension 50% of lifetime average or 50% of final salary, or 50% of last three years.

Is the 50% guaranteed in the event of reduction in the contributory pension?

Are you really paying 6% + 7.5% €6,750 per annum from your salary in addition to full prsi. (I just love the way public servants pay FULL prsi whereas the rest of us just pay ordinary prsi)

The value of a pension of €13k per annum (€25-€12) discounted at 2.5% is €520,000 so probably good value even at a higher rate, and without the pension being based on a higher final salary.
 
cremeegg said:
You will have to bear with us, not many people outside the public sector understand the full details of the pension arrangements.

Perhaps you can tell me, is the pension 50% of lifetime average or 50% of final salary, or 50% of last three years.

Is the 50% guaranteed in the event of reduction in the contributory pension?

Are you really paying 6% + 7.5% €6,750 per annum from your salary in addition to full prsi. (I just love the way public servants pay FULL prsi whereas the rest of us just pay ordinary prsi)

The value of a pension of €13k per annum (€25-€12) discounted at 2.5% is €520,000 so probably good value even at a higher rate, and without the pension being based on a higher final salary.
Click to expand...

It will be 50% of final 3 years salary. The poster seems to think they won't get promoted between now and reaching 65!

In fairness the "Full PRSI" is to differentiate with pre-95 entrants, not to the general populace.
 
Pinkpanter said:
My salary is 50 k- i work in public sector.
I am post 2004 entrant- my pension will be 25k if I work for 40 years!
My retirement age is 65.
Click to expand...
Your persion will not be 25k if you work for 40 years, as you will get almost certainly increments and promotion before retirement age. So your pension will be considerably higher, lucky you. And you fail to mention in your post yesterday the 18 months salary tax free lump sum "bonus"on retirement, in addition to pension. Some of my relations down the country got this windfall and it exceeded what you can buy a decent house or apartment in much of rural Ireland for. So they have a great investment property as well as a pension. Now what other country in the world treats its public servants so well?
 
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josephine said:
Your persion will not be 25k if you work for 40 years, as you will get almost certainly increments and promotion before retirement age. So your pension will be considerably higher, lucky you. And you fail to mention in your post yesterday the 18 months salary tax free lump sum "bonus"on retirement, in addition to pension. Some of my relations down the country got this windfall and it exceeded what you can buy a decent house or apartment in much of rural Ireland for. So they have a great investment property as well as a pension. Now what other country in the world treats its public servants so well?
Click to expand...

No chance of promotion unless I chose management- no Thanks!
Well that bonus!! as you call it is also paid for ( percentage of 6.5% contributions).
I am 35- so I will have contributed 14% of my income from 2009 till retirement in 2045.
Again if I sat on my hands and I never worked a day in my life I would get 12k!
And I'm sure the country will go bankrupt again between now and then!! And there will be another smash and grab in public servants!
 
Hi Pinkpanther,
This maybe going off topic, and its not directed at you, but the big advantage i see is, their are people the PS system, who can sit on their hands, not work a day and will get paid right up to their end of career. That is a big plus.
Im not slating all in the PS system, but it does happen, and anyone who says any different is going around with their head in the clouds. But that is another story altogether.
 
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