HSE NAAS Pension advice

S

Sherri

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Hi there, I'm thinking of retiring early from a stressful job in the HSE. Just looking at my options to see if I can afford to go. I joined in 2007. If I retire in Sept 2027, I will be 61 with 20 years service. My salary is currently €56,375. My final salary will be €58,211 (I'm due my first LTSI in Jan 2026). I work fulltime. Can any of you good people give me an estimate of what my lump sum and annual pension would be? No AVC's. Thanks ☺️
 
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I should had added that my current salary is €56,375. I'm not sure if you are required to be on your final salary for 3 years?
 
You don't have to have been working 3 years in the case of a LSI.
I'm not sure what the NAAS pension is ? But for a standard PS pension with a normal retirement age of 65 the Pension Modeller estimates an actuarily reduced pension of €5,534 and a lump sum of €40,400. Assuming 20 years service, a salary of €58,211 and retirement at 61.
 
Thank you for your reply. Sorry typo earlier. It is the NHASS (Nominated Health Agencies Superannuation Scheme) as my employer is a Section 38 Agency. Thanks for clarifying my LTSI query, that's good to hear. My annual pension is small but my hubby will be retiring the same year - he will be getting a public service pension plus his state pension (66 years) so we could definately make it work.
 
The NHASS pension benefit should be the same (it is standard PS). Hope it works out for you.
 
@Sherri. Just to add that you should apply for Jobseekers Benefit as soon as you retire (if you are not working otherwise). This should last 9 months. And afterwards remain signed on for Credits, which will count towards your State Pension.
I don't know if you will be eligible for the over-65 Benefit but, if not, you should apply to your employer/pension office for a Supplementary Pension at 65. For you this should amount to about €7,000 over the year to State Pension age.

Also, you might consider an AVC now to maximize tax relief. Whatever you pay in between now and 2027 can go towards your tax free lump sum up to the Revenue max. I reckon your max with CNER to be about €72,700. So you could fund €32,300 through AVCs to be drawn down tax free.
 
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Would our pensions be taxable? Hubby received his public service pension at 60 but half of it goes on tax atm because he is still working. I'm hoping he won't be taxed as much when he retires at 66.
 
All pensions are taxable. This includes the State Pension (but it is not subject to to PRSI or USC). There is no PRSI on occupational pension income but it is subject to USC. You still get all the standard credits so, as you will be getting lower income when fully retired, the amount of tax will decrease as will the proportion of the tax on your overall income.
 
Yes, I can apply for Job Seekers when I leave, I will do that. I had forgotten about signing on for credits afterwards, very good point. I will make an appointment with Cornmarket to discuss the AVC option and will link with my Pensions Officer at work re the supplementary pension for the year prior to my state contributory pension kicking in. I just wanted to arm myself with information in advance. Thank you Ruffian, I really appreciate all your responses.
 
Sherri said:
I will make an appointment with Cornmarket
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You might want to compare Cornmarket charges to some independent brokers.
There are also some independents who offer "execution only" AVCs (no investment advice so no charge for same) - there will be references to some of them in other threads. Any of these can offer PRSA-AVCs. The only difference to standard AVCs is that you have to arrange the tax relief yourself with Revenue (again see other threads if you need guidance).
 
Ruffian said:
You might want to compare Cornmarket charges to some independent brokers.
There are also some independents who offer "execution only" AVCs (no investment advice so no charge for same) - there will be references to some of them in other threads. Any of these can offer PRSA-AVCs. The only difference to standard AVCs is that you have to arrange the tax relief yourself with Revenue (again see other threads if you need guidance).
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Nice to see AAM working so well for someone reaching out for guidance. Well done Ruffian.
 
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