The simple question is, what PRSI class will their pension payments be subject to?
A colleague is considering early retirement at 58, normal retirement age 65. At 58 they will have 40 years service and be entitled to 40/60ths at normal retirement age but a reduced amount if they opt to have it paid at 58.
DaveD, your colleague may be able to get useful information through your HR dept. In fact I think the HR dept are supposed to provide you all with charts showing likely entitlements, depending on your salary and how many years service you would have.
DaveD - Based on the information you have provided, your friend is not in one of the standard public service pension schemes (General Overview of older schemes here :http://www.cspensions.gov.ie/SuperannuationHandbookandGuidanceDec20061.pdf). Can you tell us what scheme he is in or what part of the public service he works in?
For Class A rate public servants the standard percentage formula (40/80, etc) is not used to calculate pension entitlements - see Section 7 in the above link. However, the formula there would not be applicable in the type of situation you describe for your friend. Also, you will see the (standard)actuarial reduction formulas in sections 13/13A.
As POC has suggested, HR is the best bet, as this is way off the regular path for a public service pension.
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