What are the pension arrangements in An Post

According to the Public Service Superannuation [2004.] (Miscellaneous Provisions) Act 2004 Section 1.14 SCHEDULE 1

Bodies to which the definition of ‘‘Public Service Body’’ does not apply

1. A body which has an occupational pension scheme or arrangement
that is made or may be made under the agreement between
the Government of Ireland and the Government of the United
Kingdom of Great Britain and Northern Ireland establishing
Implementation Bodies done at Dublin on 8 March 1999.
2. Aer Lingus Group p.l.c.
3. Aer Rianta c.p.t.
4. Arramara Teoranta.
5. Bord Gais Eireann.
6. Bord na gCon.
7. Bord na Mona.
8. Co´ ras Iompair Eireann.
9. Coillte Teoranta.
10. Electricity Supply Board.
11. A harbour authority within the meaning of the Harbours Act 1946 or company to which section 7 of the Harbours Act 1996 relates.
12. Horse Racing Ireland.
13. Irish National Stud Company Limited.
14. Irish Aviation Authority.
15. An Post.
16. An Post National Lottery Company.
17. Radio Teilifs Eireann.
18. Railway Procurement Agency.
19. Voluntary Health Insurance Board.
20. A subsidiary of any body to which this Schedule relates, including a subsidiary of any subsidiary.


So An Post is part of the Public Sector ....but is not in the Public Service.

In general superannuation arrangements are better in the Civil and Public Service than in these Non Public Service Public Sector organisations.
 
Thank you Ajapale. Have been trying to source that info a long time. Are there any an post employees out there who fully understand the pension scheme in operation in An Post. Hubby is full rate PRSI payer. Grateful for any light that can be shed on this. Have contacted Human Resources Section but more confused after that.
 
Hi Happygirl,

I will search for details on the "an post superannuation scheme". In the meantime you should write to the HR department requesting the scheme booklet. This booklet may be a bit legalistic and confusing but it does cover the rules of the scheme.

These public sector schemes (outside the public and civil service) all must conform to the Superannuation Model Scheme as defined by the department of Finance.

Things to look out for in your case are:

Is the scheme coordinated (or integrated) with social welfare?
What wages are superannuationable? Are allowances, bonuses, commissions etc superannuationable?
Is the scheme funded? and if so is the scheme adequately funded at present?
Is the pension index linked at Pay-Parity, Inflation, a fixed percentage, at the trustees discretion or not at all?
Is there a spouses and childrens scheme?

I know of former post office workers who have retired on a pretty miserable pension. This is despite all you hear about the much vaunted public sector pension arrangements.


aj
 
Much appreciated Ajapale. Will contact HR for up to date booklet and look forward to your wisdom!
 
ajapale said:
Hi Happygirl,
I will search for details on the "an post superannuation scheme". In the meantime you should write to the HR department requesting the scheme booklet. This booklet may be a bit legalistic and confusing but it does cover the rules of the scheme.

Things to look out for in your case are:
Is the scheme coordinated (or integrated) with social welfare?
What wages are superannuationable? Are allowances, bonuses, commissions etc superannuationable?
Is the scheme funded? and if so is the scheme adequately funded at present?
Is the pension index linked at Pay-Parity, Inflation, a fixed percentage, at the trustees discretion or not at all?
Is there a spouses and childrens scheme?aj
Click to expand...

Yes scheme is integrated with social welfare. % of overtime worked prior to retirement is superannuationable. There is a spouses and childrens scheme. Pension is % of finishing wage so surely this facilitates index linking?
 
Happy Girl said:
Pension is % of finishing wage so surely this facilitates index linking?
Click to expand...

No, the definition of a DB (Defined Benefit) scheme is that your pension on retirement is a % of your salary as it at the time you retire.

In some schemes this pension remains fixed for the rest of your life.

Other schemes grant small increases in pension annually at the discretion of the trustees. So if the fund is doing badly the poor pensioners get small or no increases.

Some schemes are indexed at CPI. So when inflation increases the pensioners get the same % increase.

Some schemes get a fixed percentage each year.

The best schemes have pension indexation at whats called "pay parity" so when salary for the grade you retired from goes up then the pension goes up in tandem.

Im not sure what the situation is in the An Post Superannuation Scheme but you need to ask them explicitly (perhaps even in writing) how ongoing pension increases are made?

Im interested that some overtime payments are superannuationable. This is the exception rather than the rule.
 
hi does anyone out there know how long one has to work for an post to be entitled to a pension i worked there in the 80s
 
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