Very much doubt these figures are correct. An additional 17k would push the annual pension total over 31k for those years, almost as much as the salary on which it is based. Most public service pensions (i.e. to those paying higher rate PRSI and entitled to the Old Age Pension Contributory) are now integrated so the total pension received (including the OACP) can't be higher than 50% of retirement salary....an annual pension from your employer of 14,320.08
Because your state pension may not be paid at the same time as your retirement from your employment, (retirement from work is at 65, state pension isn't paid until age 66, rising to 68 in the future) your annual pension from your employer will be an additional 17,000 until you reach the state pension age.
OK that is worrying, I will ask Payroll. Thank you.Very much doubt these figures are correct. An additional 17k would push the annual pension total over 31k for those years, almost as much as the salary on which it is based. Most public service pensions (i.e. to those paying higher rate PRSI and entitled to the Old Age Pension Contributory) are now integrated so the total pension received (including the OACP) can't be higher than 50% of retirement salary.
Check the numbers quoted and the wording.
I am class A, I was sure I would be getting a contributory pension. How wrong was I!
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