dalkey dragon
Registered User
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Under the 1956 Scheme, pension is calculated the same but lump sum is based on 1/30 of final salary x years of service, e.g.I'm looking for help and guidance on this scheme please. I have been told that there will be a shortfall in my pension when I retire in 2 years time compared to someone who opted for an updated scheme over the years. Is this correct? I will have 40 years service and am currently earning 48,000 euro per annum.
Thanks for the clarification Slim. You are surprised i was not steered towards the 1977 scheme which makes me curious if you work or worked in the public sector yourself?Under the 1956 Scheme, pension is calculated the same but lump sum is based on 1/30 of final salary x years of service, e.g.
1956 Scheme: salary of 48,000: 48,000/30X40 = €64,000
1977 & subsequent schemes: ((48,000/80)X3)X40 = €72,000
As you appear to have started work in 1977, I am surprsied you were not steered into the 1977 Scheme.
Yes Slim - it still is a defined benifit scheme. And Becky glad to hear I'm not the only one with this bug bear. I know when we were all young we let these matters drift and thought pensions were only for old people!Firstly, Dalkey Dragon and Becky - you are too kind! Google is my friend!
Second - Becky, you say the pension scheme 'was' defined benefit! I thought it still is?
At the time of the introduction of the 1977 Scheme, Widows and Orphans Scheme etc, there was much publicity and internal awareness programmes, although this may have differed from public sector employer to employer. Also, unions were active in advising their members on the pros and cons of the new schemes. Many men chose not to sign up for additional deductions(and men made up the majority), could not envision dying and believed the state would take care of their widows and children.
However, if your HR file does not show a form where you chose not to opt for the new scheme, you may have a case to appeal on the grounds that you were not given the opportunity to opt in.
Firstly, Dalkey Dragon and Becky - you are too kind! Google is my friend!
Second - Becky, you say the pension scheme 'was' defined benefit! I thought it still is?
At the time of the introduction of the 1977 Scheme, Widows and Orphans Scheme etc, there was much publicity and internal awareness programmes, although this may have differed from public sector employer to employer. Also, unions were active in advising their members on the pros and cons of the new schemes. Many men chose not to sign up for additional deductions(and men made up the majority), could not envision dying and believed the state would take care of their widows and children.
However, if your HR file does not show a form where you chose not to opt for the new scheme, you may have a case to appeal on the grounds that you were not given the opportunity to opt in.
The single scheme is still defined benefit, but it's a career average rather than final salary schemeYes we are on a DB but new starters from 2013 onwards are on the Single Public Service Pension Scheme and this seems to be more like a DB scheme. Our local pensions department will not give sessions at induction about it as they have not been briefed adequately on it.
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