Public sector for a short period - Single scheme (post 2013) & State pension query

[Rooster12]

Hi everyone.

Thanks in advance for your input, ad i hope my query makes sense:

I'm c.40 and joined the public service 2 years ago. I'm not sure if i will be staying in the public service long term. maybe 2 more years.
I'm researching the pension scheme.
i understand, from my research, that the the final pension (monthly) figure will take into account the state pension (assuming it will still be there).

my concern is:
1. If i leave early: As the pension due form c. 4 years service, this figure be within the sum covered by the state pension.
2. If I stay the course: I can only get c.30 years service therefore my career average pension will be only c. 5k p.a over the state pension.
3. If I retire earlier than 68: I'd need to discount my pension further. That would probably bring the pension back within state pension levels

If it is a case that the state pension covers part of the public pension, then the benefit arising form my extra over return on contributions made ranges between €0- c€5kp.a

Is, therefore the public pension really any good to me in my situation?

If my understanding is right then this would motivate me to move on as I would get the state pension anyway due to PRSI payments in the private sector.

I hope i'm wrong and would welcome any advice / alternative perspective. Researching this is so difficult! The more I learn, them more sad i get. the gravy train is gone! I missed it!

BTW i am paying into a AVC PRSA. I understand buying years usually doesn't make sense. I also appreciate there is a lump sum payment that I'm not factoring in here.

 

[michaelm]

Your PRSI goes towards a standalone state pension, separate from your occupational pension, whether you are in the PS or the private sector. The exception is pre 1995 PS employees as their state pension and PS pension are rolled into one. As ever, open to correction.

 

[Rooster12]

Hi michaelm,

thanks for your message. does the below change your view?

i should have maybe added this to my earlier thread:


Booklet: Single Public Service Pension Scheme information Booklet Nov 17'

Contributory State Pension (CSP) offset
"The Single Pension Scheme is an integrated pension scheme which means that the pension payable to you takes into account Contributory State Pension benefits that may also be separately payable to you through the Department of Employment Affairs and Social Protection.....An integrated scheme looks at the Contributory State Pension as part of the total pension package."

The text goes on a bit from the above...

 

[michaelm]

does the below change your view?

No.

My scheme is integrated in that it my pensionable salary is final salary less 1.5 times the Contributory State Pension, so you could say that it looks at the Contributory State Pension as part of the total pension package. But I'll still be entitled to the Contributory State Pension benefits separately payable through the Department of Employment Affairs and Social Protection.

Don't take my word for it, rather contact your HR or Pensions Liaison Officer.