Public Sector Pension with a Class A stamp Question

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DingDing

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I used the public sector pension calculator on cspensions.gov.ie

I would be employed in the public sector with a class A stamp.

(established worker after 1995) I ran the calculator with 40 years services and 50,000 pay. The problem is that someone in this situation won't get their full pension till the age of 66. What does the person do if the retire at 65 and only get 1/4 pension for the first year. Also if you retire early you won't get the portion of the pension based on the stamps till 66.

If you retire at age 65 you would receive a once off tax-free retirement gratuity of €75,000, less the deduction of any outstanding contributions. You would also receive a pension of €12,983. Your pension would be paid in arrears on a fortnightly basis. Based on your Class A Social Welfare status, you may also be entitled to a Social Welfare contributory Old Age Pension from age 66, currently €12,017.05 per annum. If through no fault of your own you fail to qualify for a Social Welfare benefit, you may be entitled to a supplementary pension.
 
DingDing said:
...If you retire at age 65 you would receive a once off tax-free retirement gratuity of €75,000, less the deduction of any outstanding contributions. You would also receive a pension of €12,983. Your pension would be paid in arrears on a fortnightly basis. Based on your Class A Social Welfare status, you may also be entitled to a Social Welfare contributory Old Age Pension from age 66, currently €12,017.05 per annum. If through no fault of your own you fail to qualify for a Social Welfare benefit, you may be entitled to a supplementary pension.
Click to expand...

I confess that I am not expert in these matters, and I am sure that you will get a more reliable response from somebody who really knows -- but look at the final sentence, which I have bolded. Surely that applies: it will not be your fault that you are not yet 66.
 
Is the suplementary pension means tested. If so you have a pension of 12,983 and you have a lump sum of 75K. It might be unlikely particularly for higher paid employees that you would quallify for the pension.
 
No, the supp pension is not means-tested.

But you can't work while receiving it.
 
On retirement at 65, you may be eligible for State Pension (transition), which used to be called Retirement Pension - it's based on PRSI contributions, so isn't means tested, and you can then transfer to State Pension (contributory) on age 66.
 
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