I have recently got work in the Civil Service. I will have 30 years done when I am 65. What proportion of pension would I be entitled to? Could I buy the other 10 years service so as to get the full pension i.e. (half salary at retirement)
Also how much money is stopped out of my earnings for the pension every week. I would be going in at the clerical officer level, which means I am taking a salary cut back to 23K p.a.
Tks
I would expect that you will qualify for a pension of 30/80 of your final pensionable salary and a tax-free lump-sum of 90/80 of your final salary.
Don't forget that the 30/80 includes your contributary old age pension (or that part of you will earn from your period in civil service employment), so your Civil Service pension will be a lot less than 30/80.
I would expect that you will qualify for a pension of 30/80 of your final pensionable salary and a tax-free lump-sum of 90/80 of your final salary.
Don't forget that the 30/80 includes your contributary old age pension (or that part of you will earn from your period in civil service employment), so your Civil Service pension will be a lot less than 30/80.
Hence why I said 30/80 of Final Pensionable Salary (rather than of Final Salary for the lump-sum)!
If you recently joined the public service, you will be paying class A PRSI and will get a PRSI pension at 65.
You will also pay an occupational pension payment as follows:
5% of (gross - 2*OACP) plus 1.5% of gross
which is more or less 5% of (gross less 20500)
You will not pay 6.5% of your gross salary.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?