New entrant Clerical Officer Civil Service

[AnnT]

I have recently got work in the Civil Service. I will have 30 years done when I am 65. What proportion of pension would I be entitled to? Could I buy the other 10 years service so as to get the full pension i.e. (half salary at retirement)

Also how much money is stopped out of my earnings for the pension every week. I would be going in at the clerical officer level, which means I am taking a salary cut back to 23K p.a.

Tks

 

[MMilken]

I have recently got work in the Civil Service. I will have 30 years done when I am 65. What proportion of pension would I be entitled to? Could I buy the other 10 years service so as to get the full pension i.e. (half salary at retirement)

I would expect that you will qualify for a pension of 30/80 of your final pensionable salary and a tax-free lump-sum of 90/80 of your final salary.

Also how much money is stopped out of my earnings for the pension every week. I would be going in at the clerical officer level, which means I am taking a salary cut back to 23K p.a.

Tks

This could be 6.5% of your pensionable salary.

Do you have a line manager from whom you can request the rules of your superannuation plan and whether or not it's possible to buy years?

 

[Welfarite]

Look at http://www.cspensions.gov.ie/ and you might get a few answers.

 

[Allen]

I would expect that you will qualify for a pension of 30/80 of your final pensionable salary and a tax-free lump-sum of 90/80 of your final salary.



Don't forget that the 30/80 includes your contributary old age pension (or that part of you will earn from your period in civil service employment), so your Civil Service pension will be a lot less than 30/80.

 

[MMilken]

I would expect that you will qualify for a pension of 30/80 of your final pensionable salary and a tax-free lump-sum of 90/80 of your final salary.



Don't forget that the 30/80 includes your contributary old age pension (or that part of you will earn from your period in civil service employment), so your Civil Service pension will be a lot less than 30/80.

Hence why I said 30/80 of Final Pensionable Salary (rather than of Final Salary for the lump-sum)!

 

[AnnT]

Tks very much for all replies, exp Welfarite's pension link.

I knew that if I was getting 30/80ths of my final salary in a pension, I would not be entitled to draw the old age pension as well.

For now, I am more concerned with the fact that I must pay about 5% or 6% of my salary into a pension. My take home will be quite low, after all this is done, as I'm starting on 445 Euros gross a week. I'm hoping I won't feel the change too much, as the govt 2.5% increase is due in June 08, and there should be some more tax credits with the budget next month.

 

[Protocol]

If you recently joined the public service, you will be paying class A PRSI and will get a PRSI pension at 65.

You will also pay an occupational pension payment as follows:

5% of (gross - 2*OACP) plus 1.5% of gross

which is more or less 5% of (gross less 20500)

You will not pay 6.5% of your gross salary.

 

[ccgirl]

If you have recently joined the CS there is no compulsory retirement age. Theoretically you could work till you haver 40 yrs service not a nice thought (but an option !) particularly if finances are a problem. Purchase of service is very expensive and realistically might not be a viable option. Best of luck in the new job !

 

[mula]

If you recently joined the public service, you will be paying class A PRSI and will get a PRSI pension at 65.

You will also pay an occupational pension payment as follows:

5% of (gross - 2*OACP) plus 1.5% of gross

which is more or less 5% of (gross less 20500)

You will not pay 6.5% of your gross salary.

you can apply for the supplementary pension at 60 if you qualify to retire early( which everyone does using the actuarial reduction)

 

[beautfan]

You should receive a mountain of documetation on the penison sheme when you start. You are considered a new entrant so 65 is not compulsory retiring but you have to be 'fit to work' and how they decide this remains to be seen. I'd imagion it will be a medical and something from Line Manager. There may be a way of buying extra years and in this regard you would write to pension department asking if this is possible.

 

[legend99]

If a new entrant then retires at 63 say on actuarial reduced pension (even though I do note that the post 2004 new entrants have a condition that minimum retirement age is 65) then do you have to wait until 65 for half your pension - i.e. does the civil service pay your pension and get the money from State Pension when it kicks in - or do you literally get only a small pension from 63 to 65 and then continue getting that pension once you hit 65 in addition to the state pension?