Public Service Permanent Employee (HSE) : Information on Pension

Hi pcocp,

Welcome to AAM!

Are you a member of a union? SIPTU are well versed in public service pension schemes.

The pensionsboard.ie website is worth a look.

I also suggest that you contact your personel / HR department. There should be a members scheme booklet which outlines the fortnightly decutions and what your benefits are? Im not sure about the Public Service but I think you are entitled to an annual benefits statement outlining your present and projecteed benefits at normal retiring age?

I would do my research first with the unions and the pernsions board and here on AAM before approaching the HR department. This way you will get to ask them the right questions.

Im not entirely sure but I imagine that you could set up a PRSA especially if you earn overtime or bonuses which are not reckonable for pension.
 
pcocp,

assuming you have a standard, normal, public service pension plan.

What you have is a Defined Benefit final-salary occupational pension, also known as superannuation in the public service.

You pay a % of salary for the pension. For each year paid, you get 1/80 of your final salary as a pension. The max is 40 years contributions, i.e. 40/80 or 1/2 of final salary as a pension.

You also get a lump-sum of 3/80 of salary per year paid in. The max here is 120/80 or 1.5 times salary as lump-sum.

The pension should increase as the wage of your grade increases. This is a very valuable benefit.

There is no risk to you in this pension. It's underwritten by the State, i.e. the taxpayers, at big cost to them.

As long as you have, or will have, 40 years paid in, then no need for any other pension.
 
Hi Protocol,

As long as you have, or will have, 40 years paid in, then no need for any other pension.
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I know of some public service employees on realtively low wages but on relatively high levels of non superannuated overtime or bonus payments. In these cases it is wise to look at supplementing your pension in some way.

aj
 
Hi pcocp,

Although Protocol is correct in a way when he says "As long as you have, or will have, 40 years paid in, then no need for any other pension", you may still wish to supplement your pension/lump sum by taking out a separate pension scheme or PRSA. This can be used at retirement to supplement your pension and lump sum up to certaim limits. You will be allowed tax relief on these additional contributions at your marginal tax rate(plus PRSI relief), say 20% or 42%(plus PRSI relief), again within limits. This makes such a scheme very attractive as an investment. In my opinion, a pension of 50% of final salary is not much/enough these days. I am in the same position as you except I am a little older. I am about to take out a private pension to supplement my superannuation entitlements. You are in a great position in that you are only 30ish. Contact an independent pensions adviser as well as the links above.

Slim
 
I think a lump-sum of 150% of salary plus a pension of 50% of salary is good.

Bear in mind:

mortgage very likely over
children very likely not dependents anymore
plus none or very little income tax to pay for over-65s
no more pension contributions

So 50% of former gross salary will be more than 50% of former net.
 
Ok, thanks for all the info, much appreciated, however I think there is one relevant point I failed to mention. Approx 30% of my yearly gross salary is premium pay for out of hours on call work.... is this being taken into account for superannuation or is it just my basic salary? Does this affect the type of PRSA I should take out....?
 
YES premium pay is also considered. Your best 3 consequtive years from the last 10 are used to calculate your premium pay which is added to you basic salary to get the figure used to calculate your pension and lump sum.
 
There is a host of info on the HSE website for all to read. I presume there will be far more info on the HSE intranet, for staff only. IMO the rVER is just the ISER all over again. The Voluntary Redundancy is probably a carrot for the forty-somethings A person of 49 yrs on €60,000 and 25yrs service would get a Lump Sum of c. €86000. Would that be tempting enough?
 
rayn said:
YES premium pay is also considered. Your best 3 consequtive years from the last 10 are used to calculate your premium pay which is added to you basic salary to get the figure used to calculate your pension and lump sum.
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Yes its old and some of the advice is not spot on, she outlined that she's not officer grade therefore is household / porter etc their pension is not half salary and lump sum is not one and a half final salary this is formula for officer grade.
 
I would contact your superann department and ask them to forwards you details of the scheme you're paying into. They are all working on the exit schemes but will forward it to you.
 
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