Pre Retirement scheme for intergrated pension scheme?

S

simonsays

Guest
I joined the public service in 1996, and am paying A1 stamp and the pension is intergrated with the prsi OAP.I'll be 65 in 2015, i hope to retire in january,to look after family member.I,ll only get a small p.s pension and wait till 2015 for oap to kick in. Does anyone have any info on a pre retirement scheme to give p.s members access to the social welfare part early?
I was told a scheme exists by other members but when i asked the HR dept they said they didn't know anything about it.
If anyone has any info i would be greatfull.

Thank You
 
There is a system in the public service called a "Supplementary Pension" for those on class A PRSI who retire pre-65/66.

This means they aren't getting the PRSI pension, and just get the occupational part of their integrated pension.

They may get the Supplementary pension from their employer until the PRSI pension kicks in.
 
Supplementary Pension.​


Employees who pay PRSI at the full (Class A) rate will be eligible to receive social welfare benefits and pensions. Because of this, the occupational pension of such an employee is co-ordinated with social welfare Old Age Contributory Pension. Similarly, superannuation contributions are co-ordinated and are at a lower rate than would be payable if the employee were in Class D PRSI.

Co-ordination is a common feature of pension schemes where employees are on full-rate PRSI. The purpose of co-ordination is to ensure that the aggregate of the co-ordinated pension and Social Welfare benefit approximates to the occupational pension payable to a person who is not on full-rate PRSI.
Because the co-ordinated pension will be less than the full occupational pension which would be payable if the employee were in Class D PRSI, there is provision for payment by the Department of a Supplementary Pension in certain circumstances.

A Supplementary Pension may be paid where the person

(a) is not employed in any capacity which involves the payment of a social insurance contribution and

(b) due to circumstances outside his or her control, fails to qualify for certain Social Welfare benefits or qualifies for such benefits at less than the maximum personal rate. The Social Welfare benefits in question are :
Unemployment Benefit
Disability Benefit
Invalidity Pension
Retirement Pension
Old Age Contributory Pension.

The Supplementary Pension will generally be equal to the difference between the full occupational pension (i.e the pension which would have been payable if the pension had not been co-ordinated), and the aggregate of

(i) the co-ordinated pension payable and
(ii) the personal rate of any actual social insurance benefit which may be payable.
 
Thank you Protocol,
That was some great and usefull information.
 
If you're becoming a full-time carer, you could look into Carer's allowance or Carer's Benefit which might be more beneficial to you.

Check out www.welfare.ie and follow the link "a carer" in the middle of the page
 
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