Fionclaire
Registered User
- Messages
- 14
Hi Folks
I have started a new thread on this matter as I did not want to hijack others regarding the same topic, but felt the need to update other retirees who are/were confused as to how this whole integration works. Having retired in 2020, albeit started in 1978, I was always an A1 Prsi contributor, who had the benefit of retiring at 60, and shocked to find out I had to sign on for JSB at the age of 62, which I refused point blankly, as I was neither seeking/available to work, I had retired after serving 42 years, but so happy this has all now changed since 1st August 2024, (Circular 12/2024) which I do believe was as a result of many retirees coming down the tracks and disputing this whole process.
1. For anyone who has retired since 2019, please check out form ASC12, as you may be entitled to full or partial refund in the year of your retirement for the ASC contributions paid, as thresholds may not have been met if you have retired mid-year, only due if retiring/leaving or not re-entering the Public Sector.
2. Ensure if any deductions are made against your lump sum like S&C, pension arrears etc, that you claim the relief from Revenue via my enquiries. Just upload the revenue approved document given by PS employer, if done in same tax year, you may have to re-assign your tax credits/allowances, as potentially in the year of retirement you will end up with two employers - (1) the one you have just retired from, and (2) your now new pension provider employer. I was jointly assessed, so held off until I was completing my tax returns of 2020 in January of 2021, to reclaim such relief.
3. Part of your retirement bundle will indicate the use of a service decimal method, which is used for any pay parity pension increases, and I have attached a spreadsheet on how this all works, as the uprated pay is added to your supplementary pension value.
I hope this helps, and wish all retirees a very happy retirement.
I have started a new thread on this matter as I did not want to hijack others regarding the same topic, but felt the need to update other retirees who are/were confused as to how this whole integration works. Having retired in 2020, albeit started in 1978, I was always an A1 Prsi contributor, who had the benefit of retiring at 60, and shocked to find out I had to sign on for JSB at the age of 62, which I refused point blankly, as I was neither seeking/available to work, I had retired after serving 42 years, but so happy this has all now changed since 1st August 2024, (Circular 12/2024) which I do believe was as a result of many retirees coming down the tracks and disputing this whole process.
1. For anyone who has retired since 2019, please check out form ASC12, as you may be entitled to full or partial refund in the year of your retirement for the ASC contributions paid, as thresholds may not have been met if you have retired mid-year, only due if retiring/leaving or not re-entering the Public Sector.
2. Ensure if any deductions are made against your lump sum like S&C, pension arrears etc, that you claim the relief from Revenue via my enquiries. Just upload the revenue approved document given by PS employer, if done in same tax year, you may have to re-assign your tax credits/allowances, as potentially in the year of retirement you will end up with two employers - (1) the one you have just retired from, and (2) your now new pension provider employer. I was jointly assessed, so held off until I was completing my tax returns of 2020 in January of 2021, to reclaim such relief.
3. Part of your retirement bundle will indicate the use of a service decimal method, which is used for any pay parity pension increases, and I have attached a spreadsheet on how this all works, as the uprated pay is added to your supplementary pension value.
I hope this helps, and wish all retirees a very happy retirement.
