Single Scheme purchase facility – Values

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world201812

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I am looking at the possibility of availing of the Single Scheme purchase facility, and I am aware that is not an option to buy years of service but rather purchase values towards pension and or lump sum subject to criteria and limits.

Just wondering has anyone actually availed of this scheme yet/availed of it?

Reason being I have been given a cost if I was to avail of purchase of a pension referable amount and/or a lump sum referable amount, With previous public sector buy back schemes it was clear as it was ‘years’ being bought back, but does anyone who or how can I find out the ‘value’ of the purchase options we are given aside from ‘pension referable amount’ or a ‘lump sum referable amount’.

Hypothetically for example if you bought back 10k of pension what would be the actual value in benefit?

If you go through with the Single Scheme purchase facility, are you given the ‘value’ of what you have just purchased?

I have been given a cost if I was to put in the maximum to my pension via purchase facility, but I am not clear as to my benefits, and its quite confusing as to whether or not the scheme offers value for money, or not.

The single scheme website states the following
  • It is a Career-Average Defined Benefit Pension Scheme. Your contributions are not invested in the stock market and your
    retirement benefits are mainly based on a % of your pensionable earnings throughout your public service career as a member
    of the Scheme.
  • Each year, you bank amounts towards your retirement lump sum and your retirement pension. The amounts that you bank are based on the pensionable pay that you receive each year as a member of the Scheme. The sum of these amounts,
    with some adjustments for increases in inflation, determines what your retirement benefits will be. Your Scheme Booklet provides more information on how referable amounts are calculated.
    Any advice on the above very much appreciated.
 
There is a calculator on the single scheme website. I looked into it for myself but the amount I was getting for 20 years of a private sector pension was not worth it. Its a very modest scheme overall, a huge difference between this one and the legacy schemes.

How the unions agreed to it is hard to fathom.
 
Last edited:
Ciru75 said:
Simple. None of the members who voted for it would be affected.
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True!!

For my 20 years private pension, I was able to purchase about 8 years in the Single Scheme. I felt it wiser to hold onto my private pension due to better flexibility, diversification and access to the markets.
 
JamesN said:
There is a calculator on the single scheme website. I looked into it for myself but the amount I was getting for 20 years of a private sector pension was not worth it. Its a very modest scheme overall, a huge difference between this one and the legacy schemes.

How the unions agreed to it is hard to fathom.
Click to expand...

I don't think any vote was cast on this, is it not provided for under public service pensions (single scheme and other provisions) act 2012 and therefore has a legislative basis as oppose to normal IR agreements
 
allaround said:
I don't think any vote was cast on this, is it not provided for under public service pensions (single scheme and other provisions) act 2012 and therefore has a legislative basis as oppose to normal IR agreements
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This is true.

But people can't really complain, no effort was made to resist these substantially poorer schemes.
While the French would have been out on the streets, behind burning barricades, we just have a whinge on the internet.
 
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