Can someone calculate my pension benefits at retirement

O

OrpSpring

Registered User
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Hi,
I joined the public sector 3 years ago at Grade VIII. I am currently earning 86,878 per annum. I am currently 53 years old.
I am on the single public service pension scheme working 100% fulltime. I have 3 further increments to get maxing at 96,305.

Can someone give me a rough calculation of what I can expect when I retire aged 66. I know inflation and future payrises will have an impact.
I read the documentation but I find it very hard to follow the calculations.

I tried to calculate it myself but it's awful complex.
 
Last edited:
I ran this estimate using the Single Scheme calculator. The calculator needs to be updated a bit as the State Contributory Pension figures are wrong.
 

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OrpSpring said:
Hi,
I joined the public sector 3 years ago at Grade VIII. I am currently earning 86,878 per annum. I am currently 53 years old.
I am on the single public service pension scheme working 100% fulltime. I have 3 further increments to get maxing at 96,305.

Can someone give me a rough calculation of what I can expect when I retire aged 66. I know inflation and future payrises will have an impact.
I read the documentation but I find it very hard to follow the calculations.

I tried to calculate it myself but it's awful complex.
Click to expand...


The only way to get an even rough estimate is to make a number of assumptions - some of which may be inaccurate.

If you are getting to your earning max of €96,305 in 3-4 years, I am going to assume that your career average earnings amount to about 90,000 pa. You will have 16 years service at 66 (?). We will assume the State Pension Age remains at 66. I will use the current State Pension amount of 14,420 (due to rise in January).

Based on the above your Single Scheme Pension should roughly be in the region of €12,200 pa. Plus whatever you get from the State Pension, which depends on your total PRSI record. Based on your Single Scheme membership only your State Pension will be a minimum of 16/40 of the full State Pension. But it could be anywhere up to a full State Pension if you have previous PRSI.

Obviously the €90,000 above is something of a guesstimate and anything lower or higher will impact your pension. Also the calculation would be slightly different if the revised rate of State Pension from Jan 2025 was used instead of the current rate.
 
Thanks for all the responses folks. Very informative.
Yes I should be entitled to the state pension. I have worked for 20 years in the private sector.
 
And you will be paying an A stamp for all your public sector service as well. Which will probably give you another 16 years. This pension depends on the number of stamps.
 
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