@hunter1, back in 2014 Howlin, to force PS employees out in their 50's, dangled the redundancy carrot and raided the pension pot to get PS to retire early. Most of these are now early 60's and utilising the Supp Pensions to top up the pension until the State Pension is available.
Its farcical, Dept of Public Reform brought in the Supp rule requirement, Social welfare have to pay it and vet the claimants for unemployment assistance. Raises the cost for Social Welfare.......
Its farcical, Dept of Public Reform brought in the Supp rule requirement, Social welfare have to pay it and vet the claimants for unemployment assistance. Raises the cost for Social Welfare......
This is one seriously expensive country to live in compared to the UK
As I just commented on another thread, this "supplementary" pension, which allegedly is there to bridge the gap between the new pension age of 66 from 65, was actually created back in 1995, when no such gap existed. It was clearly not designed for this purpose.
It's no more expensive than the UK
They have free health care, we pay for everything. Their 20% tax rate stops at £50k (€60K), Give me a pension of that and I would be sitting on a beach drinking tequila.
That is not quite accurate. The Supplementary Pension was introduced in 1999, which was well before their was a Dept of Public Expenditure and Reform ( see Circular S 10/99 :[broken link removed]). It followed from the transfer of all public servants to Class A PRSI in 1995.
Also, Social Welfare do not process or pay Supplementary Pensions for retired public servants. They only process applications for standard Social Welfare payments. In the case of Class A public servants retiring before State Pension age, this would normally be for Jobseekers Benefit. A retiree must exhaust this first before applying to their former employer's pension/pay office for a Supplementary Pension. The only role for Social Welfare is to confirm that the person is no longer eligible for a Social Welfare payment (and why).
@hunter1, interesting. To get PS to "go early" Supp was used. If no Supp pension you would be "going early" only if you have to. Personally want Supp gone and the disparity or reduction in the occupational pension sorted out. They are putting huge doubt in PS minds to the extent that some will not contemplate retiring as each Government continually changes the goal posts
No it wasn't. It was introduced on the 11th March 1995, and even if it was, it was still years earlier than when the gap existed.
But we are not going early, we're going when they tell us to go, either at 65, or in my case, 60.
If you are aged 62 or older when claiming JB, you DO NOT have to make yourself available for work. The recent articles in the IT, the Indo and on the Journal are all misleading in this regard. Furthermore if you claim JB at age 65, you get paid for the 12 months up to age 66. Again the articles mentioned earlier are misleading in this regard also.It's completely ludicrous. I recently discovered that this is what I have to do - when I retire. Why would I sign on the dole and make myself available for work to get part of my retirement pension? It just doesn't make any sense whatsoever.
As we know from another thread you are in a different situation from the majority of post 1995 public servants. The majority do not have to go at 60 - they can go at 60 (without actuarial reduction on benefits accrued) or they can stay on. As I understand it, your sector has compulsory retirement at 60 which is a differnet scenario.
If you are aged 62 or older when claiming JB, you DO NOT have to make yourself available for work. The recent articles in the IT, the Indo and on the Journal are all misleading in this regard. Furthermore if you claim JB at age 65, you get paid for the 12 months up to age 66. Again the articles mentioned earlier are misleading in this regard also.
I have to admit to being somewhat confused, maybe you can explain the retirement ages to me.
For the majority of the public service, workers who joined before 2004 have the option of taking normal retirement from 60. By "normal" I mean that they can get a pension based on their years served without any actuarial reduction. However, they do not have to retire at 60 and very many don't for a variety of reasons. Some just prefer to continue working. Most probably won't have the full 40 years service by 60, which they require for a full pension. Many prefer a full salary to a pension in any event. It used to be that these PSs had to retire at 65 but they now have the option to continue.
Certain categories of worker have an earlier, compulsory retirement age, eg, 60. I think Gardai, Prison Officers and some others. This is not the norm.
For post 2004 entrants to the general public service, the age for normal retirement was raised from 60 to 65. From 2013, entrants to the Single Scheme have the retirement age tied to the State Pension age (eg, it will be 67 from 2021 and 68 from 2028). Again people in special categories, such as yours, have different arrangemments.
The Supplementary Pension was introduced to fill the gap for Class A PRSI retireees on coordinated pensions who were entitled to take normal retirement before the State Pension age (either 60 or 65) and who did not qualify for any other Social Welfare payment in the meantime.
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