No public service pension

pattie

Registered User
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3
I have worked in public service ,for 20 yrs ,and never payed into a pension fund ,I am thinking of retiring early this yr ,I am not 60 for another yr .
I have been told by a union offical ,that I will be intitled to some payment when I go.I contacted pension dept,and was told I can buy into scheme,
to receive some benefits,This was explained very unclearly to me I couldnt understand it .I cant find any information of this online,can anyone shed some light for me ? Thanks in advance
 
I did read up on Notional Service,but don't think it would apply to me ,as from my understanding ,that is to increase yrs, I don't actually have any yrs paid into pension fund ,very confused!
 
Theres different schemes depending where you worked. So no one can advise you until you have a clear understanding of the scheme you are on. You should go back to the pension dept at work and get them to explain it better. Also read this forum

http://www.askaboutmoney.com/forumdisplay.php?f=61

I assume, your pension is based on the number of years worked (not paid). A full public sector pension is 40yrs service. With 20yrs you won't get the full pension. So I assume you've been told you can buy back years.
 
Thanks for those useful links ,have a bit more information,however my case seems a bit different ,The first 6 or 7 yrs of my 20 yr service ,I was working part -time 10/15 hrs weekly,since around 2001, I have worked 32 hrs a week ,I have always paid Al p.r.s.i.
My question now is ,if I were to buy back ,yrs how much would it cost me ,?I realise whatever I would end up with would be reduced as I am not 60 yet .
my gross salary is 24k now.
 
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