Retirement at 60

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Zeus2020

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I’m thinking of retiring at 60 in 2 years time from the hse
i have 15 years salary is 40 000 and prior to 2004 entry so old age pension and hse pension combined I will have 28 years prsi contributions
I have a prsa/ avc wort 55000 but will turn this into arf when 60 to keep contributing to s prsi payments
also I have 28 years payed n2 national insurance contributions to get U.K. and will continue to pay these to get full U.K. pension
could someone please crunch the numbers and inform me how much pension I will get at 60 so I can make an informed decision and any other advise will be most welcome
 
You can contact the Pensions & Welfare in Sligo you will confirm what you are entitled

State Pension (Contributory) Section​

Social Welfare Services, Department of Social Protection, College Road, Sligo, Co. Sligo, F91 T384
Website: www.gov.ie/SPC
Email: [email protected]
Phone number 071 9157100 or 0818 200400
Also you can contact the UK International Pension Service and they will send you a pension forecast https://www.gov.uk/international-pension-centre

You will be able to check your PRSI and NI record to make sure that it is up to date. If it is not up to date, then you can get it updated before you apply for a pension. If it is not up to date, that will delay the pension application processing
 
But since hse pension and contributory pension are combined would I not need to know how much hse pension I get and they apply for supplementary pension plus won’t get U.K. pension until 67 I think so am I missing something in my thinking as need to know what I qualify for at 60
 
Zeus2020 said:
But since hse pension and contributory pension are combined would I not need to know how much hse pension I get and they apply for supplementary pension plus won’t get U.K. pension until 67 I think so am I missing something in my thinking as need to know what I qualify for at 60
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Are you working full time, ie, is €40,000 the full time salary for your grade/position? I ask because you say your are a pre-2004 entrant but you have only 15 years service (is that currently 15 years or will you have 15 years in two years time, when you reach 60?)

Anyway, on the basis of a pre-2004 entrant on a pensionable (ie, full-time) salary of €40,000 and 15 years service at 60, your HSE pension would be about €3,000 PA (lump sum of about €22,500). Your Supplementary Pension would be the difference between this and an Uncoordinated Pension, which in this example is 40,000 * 15/80 = €7,500. Therefore your Supplementary would be 7,500 -3,000 = €4,500.
You would have to meet the conditions for the Supplementary, ie, not be in any insurable employment or self-employment and not be entitled to a contributory Social Welfare payment. You would have to apply for Jobseekers Benefit in the first instance. If granted JSB you would be given PRSI credits while receiving the benefit and you may be eligible to continue signing on for credits when it finishes.
Your State Pension at 66 (or whenever) is based on your full PRSI record and in your instance is likely to be higher than the Supplementary. Any credits you get post-retirement would count towards it also. So if you had 32 years worth of PRSI contributions/credits in total your State Pension would be 32/40 of the full rate (using the Total contributions approach). Your Supplementary would end once you become eligible for the State Pension.
I don't know how your UK pension plays into the Irish State Pension - but someone else may advise.
 
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Thanks early riser I only work part time so it will be 15 years when I retire
worked in the U.K. and US but it was private hospitals in the U.K. and did not sign up in the US to a pension as it was mostly agency work although worked for the last 35 years very little pension to show for it but had a great time traveling and experiences so don’t feel too bad and will probably …now that I see the figures ..will keep working part time as the money is good and the job not too difficult and it keeps my brain active
 
Zeus2020 said:
full time would be 60 000
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That changes the pension calculation.

If you have the equivalent of 15 years full time service (eg, 25 years on a 3 day day week) and the WTE salary is €60,000 then your HSE pension at 60 would be about €6,400 pa, with a lump sum of about €33,850. The Supplementary Pension on this basis would be €4,850 (11,250 - 6,400). Your State Pension would be on the basis of your total PRSI record at 66.

But if your 15 years has been on a 2/3 of whole time basis then you would have only 10 years of pensionable service. The HSE pension would be about €4,275 with a lump sum of €22,600. The Supplementary estimate would be €3,225.
 
Ah thanks early riser my 15 years would be varied periods of full time. Then part time followed by career break for 3 years and finally full time for a few months approx 6 months then part time 30 hours then carers leave where I worked 15 hours for 2 years and now I do 23 hours which is 2 long days (any day of the week from Monday to Sunday) the hours are going back down to 37.5 in July and I’m staying at 23 hours so absolutely no idea what bracket I’m at but if I stay until 65 I have 18 years approx
thanks so much for working all this out for me as I just want to make an informed decision as very difficult to abstain figures from HR / superannuation and it’s too late when you have retired
so basically my question is if I work 23 hours of a 37.5 hour week going forward what will my WTE be or would it be beneficial for me to go up a few hours to increase my WTE for the last few years
 
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