Ok, here goes....
I've been working for the HSE, I'm not a professional, for almost 4.5 years now. I have a basic salary plus premium/out of hours payments for working evenings/nights/weekends/b.hols etc, and I've had a permanent 39 hour week contract since November 2002. So:
1. I pay so much into my pension every fortnight from my salary. Recently I've been told that on retirement, at 65 I assume (?), that any lump sum plus pension payments thereafter will reflect my basic salary only....? Is this accurate?
2. I've also been told that as I was 26.5 yrs when I started work for the HSE, on retirement at 65 I will be 1.5 years short of the 40 years required for full lump sum and pension, but that I can 'buy' years to make this up....? Is this accurate also and if I can 'buy' years how do I do this considering it's only 1.5 years?
3. Am I right in assuming I have to work to 65, and that 40 years must be accrued to gain full lump sum & pension?
To be honest, I know absolutely nothing about pensions etc, so I'm looking for a good source of info, (book/website), that will explain all to me (in straightforward language), but must be relevant to the HSE of course.
Buying missing years IS NOT CHEAP. It may cost 25%-33% of your gross salary per year bought back.
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I received a Pension, under Early Retirement - I received a Lump Sum, out of the Gross Lumpsum Amount, Child and Spouse was deducted to give me a nett lump sum. Can I claim tax relief on the deduction made? How much tax relief is given?
my wife may be leaving her hospital job on medical grounds.she has worked for 30 years as a catering assistant for the health bord.she earns about 60,000 a year.she is 48 years old and worried about her pension and lump sum.can anybody explain it in simple terms.thanks.