Post 1995 Supplementary pension query

[POC]

I was talking to my pensions administrator today and they mentioned that notional service that was purchased does not count for the supplementary pension. Anyone have any other information about this.

Gosh - that would affect me too. Very interested in information on this.

 

[Nordkapp]

I was talking to my pensions administrator today and they mentioned that notional service that was purchased does not count for the supplementary pension. Anyone have any other information about this.

That is correct. NSP is added to your service to come up with your occupational pension. The supplementary pension is then the difference between that and pension for a pre-95 with similar service.
That’s how it works in my case.

Remember NSP is for a term, so it is apparently pro-rata if you terminate early. That aspect I still haven’t figured out, as I expect what I built up is what I get. So if I have accrued 5 years of an 8 years NSP and decide to go, I only get the 5 years.

 

[DingDing]

Also if you retire early, the NSP may be actuarily reduced. In my case I am buying some notional servise WRT 60 and another batch WRT 65. If I go before 65 I will he hit twice. The acturial reduction before 65 and you wont have also made all the payments you set out to make.

Also important to note that the core system pension modellers are not correct (in my organisation anyway) if you are purchasing pension WRT 65, and you have not purchased it all yet, or indeed will get an actuarial reduction on it as well. You just need to be careful.

 

[stoves1]

I am still continuing to work on this between , dealing with Garda pensions, Retired members Organisation, Staff Associations, Public representatives etc it is a long road, and am still not getting a positive result. But i am pleased to confirm today that different public sector organisations are actually applying national wage agreement % increases to a post 1995 full pension ie both to the Occupational Pension and the Supplementary Pension, namely the two organisations are the Health and Safety Authority and the HSE but it is still a minefield and my advice to retirees and potential post 1995 retirees is that they address this by any means to ensure they get the % increases on the Supplementary jpart of their pension

 

[DingDing]

My understanding is that the Supplementary pension and pension should be recalculated when there is a change of rate to ensure you are getting the same as a D rate pensioner with the same service.