Teacher's superannuation question

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paddybarry

Registered User
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6
Hi all,
Im 32 years and have been teaching for last 6 years (first 4 privately paid and last two by dept).

I have a 4 year degree.

In order to get full benefit of the superannuation on my retirement am i correct in saying that i need to buy back 5 years of notional service?

My confusion lies in reading on other threads where some are claiming two years for having a four year degree (i have not come across this in my reading into the scheme). Thus on retirement if i back 5 years i will receive 150% my final salary and a pension of 50%?

Thanks for the help.
 
You could have joined the scheme during those 4 privately paid years.

It is always much cheaper to buy back actual service than notional service.

Ring the post-primary superannuation section at the DES.

The 4 year degree issue is of no relevance to you. Previously, with 35 years service (including 2 years for 4 years of training) teachers could retire at 55. This option has been withdrawn from new starters (of whom you are one).
 
thanks for that. i was only informed of that this past year. btw whose responsibility would you deem it to be to inform teachers of this? school steward?

so i need to buy back 4 years actual service and only 1 year notional?

thanks agin you have been a great help
 
oysterman said:
It is always much cheaper to buy back actual service than notional service.

quote]
Sorry for butting in on this post but I taught for 11 hours Eligible Part Time plus 11 part time hours in 1995, I've purchased these 11 EPT hours through the PCW buyback scheme, Does this mean I can purchase the 11 part time hours (actual service) cheaper rate than Notional Purchase?
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im not a 100% sure but i dont think you can buy the service back when you were paid by the school
 
mula said:
im not a 100% sure but i dont think you can buy the service back when you were paid by the school
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I'm not 100% sure of the detail either but do know it was brought in under the terms of one of the Partnership agreements. How quickly you have to do it, I'm not sure. That's why privately paid teachers should join the superannuation scheme before becoming DES paid and, failing that, apply to buy back as much as they can on becoming state paid.

Willbee, call the Department. What have you to lose?

Paddybarry, I reckon it's the individual worker's responsibility to inform themselves as to their pension rights and to act quickly. Public servants appear to be particularly delinquent in this respect. Their pensions are valuable but not if they don't maximize their purchased service.
 
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