An Aussie in Ireland - Pension questions

M

mel.b

Registered User
Messages
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I am 29yr old single female from Australia, currently working in Ireland on a two year contract with the HSE. I am having pension taken out of my pay.

Does anyone know if it is possible to organise for this pension to be paid into my superannuation account back home in Australia?

If not, will I get any of this back when I leave Ireland or see any of it when I retire?

If my contract can be extended (which is likely) I am planning on staying in Ireland for another 2 - 3 years (so 4 - 5 years all up).

In the worst case senerio where I can't transfer it to OZ, won't get it back when I leave Ireland and will get nothing when I retire, is it possible to opt out of the pension scheme? I was never told about this when I started working...it was just automatically taken out, so I don't even know where it's really going or what it's doing.

Thanks,
mel.b
 
I'm sure it is mentioned in your contract, I had to sign something about pension when I started my public sector job
 
I don't recall seeing anything in my contract, but I have requested a copy (I can't find mine) to have a look.

I've just spoken to the HSE pension people and they said it can't be transferred to Australia. If I am here less than 2 years then I can get a refund, but if I am here longer than that (which is the intention) then it will go into 'preserved benefits' for me to get when I retire.

Can anyone tell me if there will be anything left of this 'preserved benefit' for me to get in another 30 years? Will I earn interest on it during that time?

It seems ridiculous I can't transfer it to Australia to combine it with my existing super which is currently earning a healthy 10% interest p/a.
 

leave your superannuation were its is it will be worth more then if you were able to transfer it and is most probably better then your oz defined contribution pension
 
Hi Aussie,

If you are a HSE employee, there is a ready reckoner on the internal hsenet intranet. Go to link working for hse, then pension estimator.

You can estimate how much pension you are entitled to in todays money.

I know that you probably are not thinking about it but
There are also death in service benefits such as 1 years salary if you die in service.
Spouse/Child pension benefits as well.

As far as I can remember you may take a reduced pension aged 50 years.
With the euro/aussie dollar exchange rate you might do quite well from your hse pension.

I think most young people in Ireland (thing people born after 1948) have to have 12 years PRSI contributions to qualify for a contributory Social Welfare pension.

Stay here for twelve years then you would also be entitled to SW pension currently over €200 per week or over €300 aussie dollars! Plus HSE Pension - lump sum and weekly pension.

and

If you go back to Oz then you still have plenty of time to top up your superannuation fund over there. Minimum 9% of your salary over there goes into a fund. You also have the option of investing your superannuation in numerous funds.

You'd have a great life when you retire! HAPPY DAYS!
 
 
Hello mel.
I don't really have any ideas in relation with this pension , but it must be explained on your contract.
By the way do you know anywhere where they will be aussie celebration for the 26th of january in dublin?
Thanks
Phil.
 

Not quite as simple as that, I'm afraid!

The number of PRSI contributions paid is spread out over the person's entire working life - there must be a minimum of 520 contributions to qualify at all (for persons retiring after April 2012), and when it is spread out over the person's working life (since they first entered insurable employment - typically 40 - 45 years, but could be less), there must also be an average of 10 contributions per year to qualify for the minimum rate of pension, which is currently €115 per week.

To qualify for the max rate of Pension, the yearly average must be 48 contributions.

Social Insurance made in Ireland can be combined with similar in Australia in order to help qualify for the equivalent pension there (the Bi-lateral agreement).

This is a very simplified version of the pension contribution rules, have a look at www.welfare.ie (follow the link "a retired or older person") for more details.
 
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