HSE: how to calculate my pension?

[hoopman]

Could someone confirm if I am right in how my weekly pension will be calculated.

I am 44 yrs old and have stared in a HSE funded position and have to contribute to their pension scheme ( I have never been in a pension scheme before)
If my current salary is €40,000 would that mean that my weekly private pension paid to me at todays rates would amount to:
€40,000 divide by 80 = €500
€500 multiply by 22yrs at retirment age = €11,000
€11,000 divide by 52 = €211.53 per week plus state contributary pension.

I am right here or am i calculating this wrong

 

[oysterman]

Are HSE pensions not integrated with the Old Age Contributory Pension? In other words, are you sure you'll get the OACP on top of your HSE pension?

You don't mention the tax free lump sum in your post, which I presume is 3/80s per year of service.

Your pension (with 22 years service) entitlements look a bit thin. Talk to your HR department about buying additional years (Notional Service). Alternatively you could look at Additional Voluntary Contributions. There are a number of threads on AAM about the merit of these two routes - notional service tends to be the favoured option around here.

 

[hoopman]

I just assumed that everyone gets their contributory pension if they have been paying prsi all their working life and that any private pension is extra to that less tax if its payable.
Im not too sure about the lump sum, as my reading of the handbook that I got when I started makes it sound like an option.
I think I'm going to have to talk to the HR department when I go back to work next week.
Cheers for the advice Oysterman