# Early Retirement - Private Sector



## der69737 (1 Dec 2010)

Does anyone have experience of early retirement schemes in operation in the private sector. 
What are your options if you are working in Private Sector and gradually getting older, slower and generally not as healthy as a 20 yr old. Has anyone availed of an early retirement scheme in there 50's ?


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## Anfear (3 Dec 2010)

Will depend on the rules of the Scheme, and generally I think also needs the permission of the employer. But normally people are unpleasantly surprised at how much lower the pension might be compared with retiring at normal retirement age. Hope this helps. Retirement due to ill health can be taken at any time, but requires medical certification.


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## Black Sheep (4 Dec 2010)

From a practical point of view surviving on a reduced rate of pension (if allowed) without any State support till age 68 may not be very pleasant


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## Mrs. Doyle (4 Dec 2010)

der69737 said:


> Does anyone have experience of early retirement schemes in operation in the private sector.
> What are your options if you are working in Private Sector and gradually getting older, slower and generally not as healthy as a 20 yr old. Has anyone availed of an early retirement scheme in there 50's ?



Hi,

As others have said it can be tough if you don't have a very good early retirement package to avail of.  You will also need plenty of service to your credit.  If you have contributed to AVCs these may help the situation somewhat.

You should have a read of the Pensions Board website (sorry can't post link because don't meet 15 posts  requirement on AAM) to familiarise yourself with pensions in general.  Their calculator is good and might give you some idea of your pension.


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## Deiseblue (4 Dec 2010)

Not sure what the terms of any voluntary redundancy you may avail of are.

The most recent early retirement packages in the major Banks provided a retirement package of approx half of final annual salary plus a lump sum of slightly in excess of 100,000 ( inclusive of statutory redundancy and the maximum capital amount allowable by commuting some of your pension ) , you could then claim job seekers for 15 months + contributory OAP in due course.

The above figures are based on 35 years service and a final salary of approx €55,000.

Hope this is some help.


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## Sue Ellen (4 Dec 2010)

Deiseblue said:


> you could then claim job seekers for 15 months + contributory OAP in due course



Unfortunately Jobseeker's Benefit was cut back to 12 months in one of the budgets and the OAP won't kick in until 66.  To be realistic also something further may happen to these in the forthcoming budget


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