HSE pension - buying years

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pcocp

Registered User
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what sort of cost is someone facing in the following situation:

50 year old working for HSE for past 5 years,employed since late 2002, permanent staff, earning approx €43k per year, paid fortnightly, who would like to make additional payments into pension so as to have full pension on retirement at 65?

Is there some sort of formula to work out the cost to people employed by HSE who will be short years on retirement at 65, who wish to make up this shortfall by 'buying years'...?
eg: people who started work at 30, 35, 40, 45 etc..?

Is there an option to buy additional years to retire at 60 for HSE staff...?

Thanks,
PCOCP
 
pcocp said:
what sort of cost is someone facing in the following situation:

50 year old working for HSE for past 5 years,employed since late 2002, permanent staff, earning approx €43k per year, paid fortnightly, who would like to make additional payments into pension so as to have full pension on retirement at 65?

Is there some sort of formula to work out the cost to people employed by HSE who will be short years on retirement at 65, who wish to make up this shortfall by 'buying years'...?
eg: people who started work at 30, 35, 40, 45 etc..?

Is there an option to buy additional years to retire at 60 for HSE staff...?

Thanks,
PCOCP
Click to expand...

contact your hr dept and ask to speak to the superannuation officer. Tell then what you want to do. they will caluclate the cost of buying back years etc for you.
 
mula said:
contact your hr dept and ask to speak to the superannuation officer. Tell then what you want to do. they will caluclate the cost of buying back years etc for you.
Click to expand...

yes i'm going to at some point, but to be honest there is a group of us in this situation, ranging in age from 30 to over 50, all working in the one place, and before I do contact HR I would like to have some knowledge of this, rather than appear totally uninformed as I am now...
eg: Is there a blanket formula relating to age or is each case looked at individually>
and, we agreed among ourselves that I would approach HR about this, but now I'm wondering will they discuss other peoples situations with me or will each person have to approach them individually?
 
As a public sector worker it is possible to buy back service via the Purchase of Notional Service Scheme.

It is very expensive but many of the posts on this site seem to suggest that it is still a very good option in many cases - but each case is different and it is generally recommended to get independent advice.

At your age you will be able to put up to 30% of your gross into a pension before tax.

There is a calculator here on this site http://www.cspensions.gov.ie/ where you can fill in your details to get a ball park estimation of the kind of costs involed in buying back years.

Best of luck. S
 
pcocp said:
yes i'm going to at some point, but to be honest there is a group of us in this situation, ranging in age from 30 to over 50, all working in the one place, and before I do contact HR I would like to have some knowledge of this, rather than appear totally uninformed as I am now...
eg: Is there a blanket formula relating to age or is each case looked at individually>
and, we agreed among ourselves that I would approach HR about this, but now I'm wondering will they discuss other peoples situations with me or will each person have to approach them individually?
Click to expand...

each indivudual will have to put in a request themselves. quotes depend on age, salary gender etc. so unless your all the same age, sex, grade salary etc your quotes will all be different.
you may buy back years if you will not have 40 years service at your normal retirement age which is either 60 or 65 if you entered service before 2004 then it should be 60 after that it 65 HR will inform which it is if you dont know.
They have an actuarial calculation to work this out the cost to you to buy back these added years.www.cspensions.gov.ie will not give a correct quote for HSE employees.

It is your right to have a quotation done on the cost to buy back service so dont get fobbed off by someone in hr that doesnt know what their talking about or tells you you cant do it. Speak to the superannuation officer directly asking them to run the quote.

Once you have the quote then you can work out the cost benefit to buying back years if it doesnt look appealing then look at a prsa avc.

best of luck

mula
 
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