Leaving PS at 55 as post 95 entrant

[poorrelative]

Hypothetical scenario. Let's say post 95 public servant who can retire at 60 leaves at age 55 to take up employment in the private sector. At 60, presumably there is no good reason not to draw down PS pension while still continuing to work in private sector position. Obviously there would be no entitlement to supplementary pension.

 

[Ruffian]

Its called a Preserved Pension.
For example, if you have 25 years service at 55 then you are eligible to receive a pension and lump sum at 60 based on 25 years service. The amount is calculated on your pensionable remuneration at 55 but uprated in line with any increases that apply to that grade point in the meantime. You need to apply for it at 60. There is no advantage in not applying.

 

[poorrelative]

Its called a Preserved Pension.
For example, if you have 25 years service at 55 then you are eligible to receive a pension and lump sum at 60 based on 25 years service. The amount is calculated on your pensionable remuneration at 55 but uprated in line with any increases that apply to that grade point in the meantime. You need to apply for it at 60. There is no advantage in not applying.

thanks for confirming Ruffian

 

[Mamamia22]

Can you take an actuarily reduced pension at 55 in the public sector ? Is this not the best route in that you get your pension for longer ?

 

[DingDing]

Can you take an actuarily reduced pension at 55 in the public sector ? Is this not the best route in that you get your pension for longer ?

There will be a very significant actuarial reduction. There are tables with the reduction in one of the circular letters, linked below.
Also the supplementary pension is not paid before 60 as far as I know, but you may have the D stamp and this wont apply.

For the Single Scheme https://circulars.gov.ie/pdf/circular/per/2017/18.pdf

This is probably the applicable one. https://circulars.gov.ie/pdf/circular/finance/2005/10.pdf

 

[poorrelative]

Can you take an actuarily reduced pension at 55 in the public sector ? Is this not the best route in that you get your pension for longer ?

I guess so if resigning from PS, but in this scenario it would most likely be voluntary redundancy. I guess I could take redundancy without waiving pension (20 years service), however not sure what would happen with the AVC I have been contributing to for topping up tax free lump sum to 1.5 times final salary?