Single pension scheme entitlement for 5 years

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partnership

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I am in the single pension scheme and likely to have about 5 years contributions preserved to retirement. I am not going to have enough a stamps to get the pension. How does the single scheme work in this situation ad I believe they deduct the SCP.
 
You seem to be suggesting that you won't have paid enough SI contributions to qualify for a State Pension?

You are working in the PS, and you will have five years contributions to the SPSPS.

The PS pensions are integrated with the State Pension.

You seem to be asking what happens to PS pension if you don't qualify for the State Pension?
 
Hi not much has changed since that post just wondering how I work out the 5 years of single pension as seems complicated. If I don't qualify for full scp, I might get mixed rate one how do I calculate the 5 years. I am pursuing uk pension and buying back and trying to piece all the information together.
 
partnership said:
If I don't qualify for full scp, I might get mixed rate one how do I calculate the 5 years.
Click to expand...
How much State Pension you are awarded is not relevant to the calculation of the Single Scheme Occupational Pension - it is a seperate calculation.
There is an outline in the Scheme Booklet. (https://singlepensionscheme.gov.ie/wp-content/uploads/2021/01/Standard-Accrual-Booklet-EN.pdf)

Roughly
Use the current full rate for the State Pension to calculate the Current State Pension Threshold . I make this to be about €49,260 currently. I am assuming you are working full time.
If so, multiply any current gross pensionable salary up to this threshold by 58/10,000 and multiply this amount by your years of service (say 5).This gives you amount A. Multiply any remaining salary over the threshold by 125/10,000 and again by your years of service (5). This gives amount B.
Now just add A + B. This is a rough estimate for your annual pension. This doesn't take account of career averages, so its just a rough estimate. If you are very near retirement it may be an overestimate - or it may be underestimate if you are just starting your 5 years

Your lump sum is 3.75% of your gross pensionable salary multiplied by your years of service. The same caveats apply.
 
Early Riser said:
How much State Pension you are awarded is not relevant to the calculation of the Single Scheme Occupational Pension - it is a seperate calculation.
There is an outline in the Scheme Booklet. (https://singlepensionscheme.gov.ie/wp-content/uploads/2021/01/Standard-Accrual-Booklet-EN.pdf)

Roughly
Use the current full rate for the State Pension to calculate the Current State Pension Threshold . I make this to be about €49,260 currently. I am assuming you are working full time.
If so, multiply any current gross pensionable salary up to this threshold by 58/10,000 and multiply this amount by your years of service (say 5).This gives you amount A. Multiply any remaining salary over the threshold by 125/10,000 and again by your years of service (5). This gives amount B.
Now just add A + B. This is a rough estimate for your annual pension. This doesn't take account of career averages, so its just a rough estimate. If you are very near retirement it may be an overestimate - or it may be underestimate if you are just starting your 5 years

Your lump sum is 3.75% of your gross pensionable salary multiplied by your years of service. The same caveats apply.
Click to expand...
Thanks Early Riser it won't be worth much at all using that formula. That's all I wanted to know.
 
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