Pre-1995 civil service

S

Society

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I am pre-1995 and will have 30 years service at aged 55 and considering retiring early but I’m a bit confused about how the pension is calculated. Presumably it will be actuarially reduced but by how much for the pension and lump sum. I will retire on 90k approx.
do you receive both immediately on retiring at 55 or do you have to wait until later for either or both?
I know you don’t receive s state pension at aged 66 but can you work perhaps part-time in the private sector and build up stamps to claim some of the state pension at 66. Would 2 days a week over 5 years be enough to claim part of it?
Thanks in advance.
 
Irrespective of how your Occupational Pension is calculated , assuming you have been a Class B or D all along, then you need to have started paying Class A before age 56 and have a minimum of 520 paid contributions. So 5 years would not be enough under the current calculation model. However there are proposed changes in the calculation model due in the next few years, but we don’t know whether the minimum of 520 contributions will change.
 
Society said:
I am pre-1995 and will have 30 years service at aged 55 and considering retiring early but I’m a bit confused about how the pension is calculated. Presumably it will be actuarially reduced but by how much for the pension and lump sum. I will retire on 90k approx.
do you receive both immediately on retiring at 55 or do you have to wait until later for either or both?
I know you don’t receive s state pension at aged 66 but can you work perhaps part-time in the private sector and build up stamps to claim some of the state pension at 66. Would 2 days a week over 5 years be enough to claim part of it?
Thanks in advance.
Click to expand...


If your happy enough in your job why not consider contacting HR and obtaining figures for buying years?
 
As a pre-95er your pension is pretty straightforward. With 30 years service and a pensionable salary of €90,000 your preserved pension (at 60) would be €33750 - (90,000*30/80). Taking early retirement at 55 exactly, this would be actuarially reduced to €26,257 (as per the Table in Slim's link). The actuarial reduction remains throughout the lifetime of the pension.

The preserved lump sum of €101,250 would be reduced to €91,833.

Conan said:
Irrespective of how your Occupational Pension is calculated , assuming you have been a Class B or D all along, then you need to have started paying Class A before age 56 and have a minimum of 520 paid contributions.
Click to expand...

In the case of a mixed insurance pro-rata pension, I thought the minimum number of full rate contributions was 260 rather than 520? Also, you must have started paying PRSI before 56, but not necessarily the Class A (full rate).
Link here: http://www.welfare.ie/en/Pages/Appendix-3---Mixed-insurance-pro-rata-State-Pension-Transit.aspx
 
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