Moved to civil service. What to do with pension?

McStuffins

Registered User
Messages
36
I was working in the private sector for the last ten years and had been accruing a small pension.
I left for a job in the civil service and am now part of the single pension scheme.

I queried putting the money accrued (22k) into the single pension scheme and was sent some info but it doesn't make a huge amount of sense.
Based on the calculator my 22k would get me either 850 per annum in a pension payment. Or 24k in a lump sum.
I currently have the pension in a high risk fund as I am late 30s and the return is higher.
My options are to leave it where it is (as part of the group scheme for my former employer) or put it into my single pension scheme.
I am also aware I can buy a bond or put it into a PRSA but I'm more inclined to either leave it where it is or move it to my single pension scheme.

If anyone has any thoughts or advice I'd appreciate it.
 

Jayom75

Registered User
Messages
168
About 13 years ago I moved from the private sector to the public service. I left my private pension where it was - it was worth €20k then and last week was valued at €43k. So that’s what worked for me.

If you remain in the civil service you could look into purchasing notional service which would increase the value of the pension payable out to you when you eventually draw it down. Probably not necessary to do now but certainly as you approach retirement age.
 

Early Riser

Registered User
Messages
1,056
If you remain in the civil service you could look into purchasing notional service which would increase the value of the pension payable out to you when you eventually draw it down

Notional service has been replaced in the Single Scheme by the purchase of "referable amounts" for pension and/or lump sum - which is what the poster has been considering. It is more complex and seems designed to give people joining late the option to transfer their accrued private pension into the Single Scheme. https://singlepensionscheme.gov.ie/...-the-Single-Public-Service-Pension-Scheme.pdf
 

NoRegretsCoyote

Registered User
Messages
2,435
I queried putting the money accrued (22k) into the single pension scheme and was sent some info but it doesn't make a huge amount of sense.

I would just leave it in equities for the next 25 years at as low an annual cost as possible and forget about it.

Some diversification is always good and as a civil servant you will have very little discretion about how much you contribute, what your entitlements are, and when you can draw it down.

You may appreciate the flexibility of a private pension fund when you are at or near civil service retirement age. It might bridge a gap for a few years, or you could delay drawdown until when it best suits you.
 
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