Public pension and contributory pension

Mikefromcork

Registered User
Messages
16
Hi all
I have worked since I was 21 in the private sector where I paid into a DC scheme and now I am joining the public service. I am 40 years old.
I understand the value of the DC scheme will vary. Putting that aside
I am wondering how do I calculate what I will get from my state pension(s) in the future it being a mix of contributory and public service. Will I get 1/2 a contributory pension and I know I will contribute towards the new public service scheme or because I haven’t contributed to a contributory pension for my entire career will I get little out of it. Any advice would be appreciated.
thanks
Michael
 

Protocol

Registered User
Messages
3,502
The PS pension benefits are on page 16 of the scheme booklet.

Lump-sum = 3.75% x your full-time gross pensionable remuneration x your % work pattern

Pension
CSP threshold = 3.74 x current CSP rate x your pay frequen
0.58% x your full-time gross pensionable remuneration up to the CSP Threshold x your % work patte
plus (if applicable)
1.25% x your full-time gross pensionable remuneration above the CSP Threshold x your % work pattern
 

Mikefromcork

Registered User
Messages
16
Assuming you have paid regular PRSI so far, then you will continue to pay regular class A social insurance in the PS, and so you will get a State Pension.
Thanks Protocol that is exactly what I needed to know. I am paying Class A1 PRSI since I started working. It is good to know I will still be getting my state pension as for some reason I thought when you join a public body that I wouldn’t be paying the same class of PRSI so I wouldn’t get a contributory pension when I retire. Thanks for the additional info. Very informative. Cheers.
 

Protocol

Registered User
Messages
3,502
Note that the PS pension is integrated / co-ordinated with the SPC, so they are linked.

You have been paying PRSI class A, and will continue to do do in the PS job.

The PS pension benefits are related to SPC, you may see the SPC in the formula for the PS pension benefits.
 
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