HSE Pension

If you have access to the internet in work, go to http://nss.hse.ie/(national shared services website), and follow the tab to the Pensions Estimator. It has lots of information specific to HSE employees paying into either the 1956 or 1977 Superannuation scheme, and has a calculator to give you an estimate of your pension.
I've tried to access this site from home but can't, but have been able to do so from work.
 
Ok, here goes....

I've been working for the HSE, I'm not a professional, for almost 4.5 years now. I have a basic salary plus premium/out of hours payments for working evenings/nights/weekends/b.hols etc, and I've had a permanent 39 hour week contract since November 2002. So:

1. I pay so much into my pension every fortnight from my salary. Recently I've been told that on retirement, at 65 I assume (?), that any lump sum plus pension payments thereafter will reflect my basic salary only....? Is this accurate?

2. I've also been told that as I was 26.5 yrs when I started work for the HSE, on retirement at 65 I will be 1.5 years short of the 40 years required for full lump sum and pension, but that I can 'buy' years to make this up....? Is this accurate also and if I can 'buy' years how do I do this considering it's only 1.5 years?

Yes, public sector can buy missing years. Any payments for missing years are eligible for tax relief, same as for any pension contribution.

Buying missing years IS NOT CHEAP. It may cost 25%-33% of your gross salary per year bought back.
3. Am I right in assuming I have to work to 65, and that 40 years must be accrued to gain full lump sum & pension?

To get full pension, either 40 years have to be worked and paid in, or else less years paid in, and the missing years bought back or funded via an AVC.

Whether you HAVE to work to 65, I don't know off the top of my head.
To be honest, I know absolutely nothing about pensions etc, so I'm looking for a good source of info, (book/website), that will explain all to me (in straightforward language), but must be relevant to the HSE of course.

Look at the sticky posts in the pension forum here on AAM.

Don't worry, public sector pensions are, generally speaking, very good, especially as they are index-linked to your previous grade/scale.
 
I received a Pension, under Early Retirement - I received a Lump Sum, out of the Gross Lumpsum Amount, Child and Spouse was deducted to give me a nett lump sum. Can I claim tax relief on the deduction made? How much tax relief is given?
 
I received a Pension, under Early Retirement - I received a Lump Sum, out of the Gross Lumpsum Amount, Child and Spouse was deducted to give me a nett lump sum. Can I claim tax relief on the deduction made? How much tax relief is given?

Yes, I believe so. If it's a large sum then you can get it broken down by year by your payroll/pension dept and claim tax back for those years. This may be limited by recent change sin legislation to 4 years.

Slim
 
Hi, I'm coming in late to this thread, basically the age you retire at is dependant on whether you are a new entrant (A class prsi joining after 2004) or not. Otherwise the age is 60. However, there are numerous schemes re. early retirement. Buying years is an option under notional service. Regardless of how many years you actually build up is it important to realise you will get some lump sum and annual pension as long as you have 2 years + reckonable service. You can always add to your service re a AVC (with a private company) or notional service (with your employer). With an avc you are making an investment in a fund, notional service you are buying actual years of service.
 
my wife may be leaving her hospital job on medical grounds.she has worked for 30 years as a catering assistant for the health bord.she earns about 60,000 a year.she is 48 years old and worried about her pension and lump sum.can anybody explain it in simple terms.thanks.
 
my wife may be leaving her hospital job on medical grounds.she has worked for 30 years as a catering assistant for the health bord.she earns about 60,000 a year.she is 48 years old and worried about her pension and lump sum.can anybody explain it in simple terms.thanks.

If your wife is a catering assistant, there is no way she is earning 60,000 a year. She must be in a very high up supervisory capacity, as well as working all the nights and week-ends that God made !
Having said that, based on the service details you have given, she would get 6.7 years added on. That would give her 36.7 years service. Max service is 40 yrs. She would get 36.7 over 40 of 50% of her finishing salary. If she is a "servant" grade, then PRSI Contributions will come into play. See www.welfare.ie for info on that side.
 
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