I started in PS post 95, but pre 2004.
If I retire at 62, I will not be entitled to any SW benefit.
I should receive my work pension + a supp pension until age 67.
The supp pension will be the difference between what a class A and a class D worker would get with my service.
I do voluntary work in my spare time ,I remember one of my colleagues telling me she was returning to work once she reached pension age ,She joined the PS around 1998 under the full prsi a stamp,she left when she was 64/65 and was doing voluntary work, Her PS pension was small ,From what I remember she was getting the state pension early provided she did not take up paid employment until she reached pension age
thinking back I suspect Protocol Is correct provided she did not take up paid employment,In which case she did not get full state pension until she was 66, only enough to make up the difference ,Thinking back she did say she was only getting part of the state pension ,
I started in PS post 95, but pre 2004.
If I retire at 62, I will not be entitled to any SW benefit.
I should receive my work pension + a supp pension until age 67.
The supp pension will be the difference between what a class A and a class D worker would get with my service.
Example
A final salary DB scheme might provide at retirement a pension of 1/60th of final earnings for each year an employee was in the scheme. If an employee retires after 40 years, that employee would receive a pension of 40/60ths (2/3rds) of their final earnings before retirement."
I dug out the pension booklet given to me in 1983. They only refer to my "pensionable salary" they never refer to my final salary in it. Deductions were made from my salary at the rate of 5% of my "pensionable" salary.
It appears to me that my employers are only responsible for the "pensionable" element of my salary when I retire.
The only thing I have to add is In the private sector Pension or no pension changing the state pension is causing problems,Take my own company old contract says nothing about retirement age, in came the union new contract stating retirement age of 65 ,It is not an issue where I work a new manager could change that ruling,
Did you pay a Class A PRSI stamp? Is your pension integrated with the SW system?
This is what how I think the supp pension works, confirmed to me by Financial Controller in a PS organisation.
Example: retiring at 62 with 35 years service, 50k final salary
Class D would get (35/80)(50k) = 21,875 pension
Class A gets (35/80)(50k - 2(52.18)(233.30)) = 11,223 pension
So the supp pension is 10,652 pa, as long as you fulfill the conditions.
This is what how I think the supp pension works, confirmed to me by Financial Controller in a PS organisation.
Example: retiring at 62 with 35 years service, 50k final salary
Class D would get (35/80)(50k) = 21,875 pension
Class A gets (35/80)(50k - 2(52.18)(233.30)) = 11,223 pension
So the supp pension is 10,652 pa, as long as you fulfill the conditions.
The issue is the SP should along with the occupational pension be payable from retirement date. The fact is that it is not.
This thread has become so complicated. It is a mix of public service pensions and private pensions advice.
Class A gets (35/80)(50k - 2(52.18)(233.30)) = 11,223 pension
The issue is the SP should along with the occupational pension be payable from retirement date. The fact is that it is not. There is clear inequality between a Class D and a Class A when they retire.
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