I think you posted that to the wrong thread Gerry. Senior moment?
Nice one!
I think you posted that to the wrong thread Gerry. Senior moment?
My salary is 50 k- i work in public sector.
I am post 2004 entrant- my pension will be 25k if I work for 40 years!
My retirement age is 65.
This 25k is made up of State Pension (circa 12k).
So for all my contributions I get 13k per year 65-68 years.25k after 68.
Contributions 6.5 % and a pension levy of 7.5%. Plus full prsi payments.
If I sat on my hands and did not work I would get 12k at 68.
You will have to bear with us, not many people outside the public sector understand the full details of the pension arrangements.
Perhaps you can tell me, is the pension 50% of lifetime average or 50% of final salary, or 50% of last three years.
Is the 50% guaranteed in the event of reduction in the contributory pension?
Are you really paying 6% + 7.5% €6,750 per annum from your salary in addition to full prsi. (I just love the way public servants pay FULL prsi whereas the rest of us just pay ordinary prsi)
The value of a pension of €13k per annum (€25-€12) discounted at 2.5% is €520,000 so probably good value even at a higher rate, and without the pension being based on a higher final salary.
Your persion will not be 25k if you work for 40 years, as you will get almost certainly increments and promotion before retirement age. So your pension will be considerably higher, lucky you. And you fail to mention in your post yesterday the 18 months salary tax free lump sum "bonus"on retirement, in addition to pension. Some of my relations down the country got this windfall and it exceeded what you can buy a decent house or apartment in much of rural Ireland for. So they have a great investment property as well as a pension. Now what other country in the world treats its public servants so well?My salary is 50 k- i work in public sector.
I am post 2004 entrant- my pension will be 25k if I work for 40 years!
My retirement age is 65.
Your persion will not be 25k if you work for 40 years, as you will get almost certainly increments and promotion before retirement age. So your pension will be considerably higher, lucky you. And you fail to mention in your post yesterday the 18 months salary tax free lump sum "bonus"on retirement, in addition to pension. Some of my relations down the country got this windfall and it exceeded what you can buy a decent house or apartment in much of rural Ireland for. So they have a great investment property as well as a pension. Now what other country in the world treats its public servants so well?
Contributions 6.5 % and a pension levy of 7.5%. Plus full prsi payments.