New entrant pension entitlement

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Sunnygirl69

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Can anyone give me guidance on my situation. Joined HSE 4 years ago, start paying into new entrant single pension scheme immediately at 3% (I think) Currently I earn just less than 30K & pay in approx €950 to pension. I am 50 years old. My question is, what, if any, pension will I get from this scheme ? After the state pension is taken away, will I be due anything ? Assuming I do 20 years service that takes me to 66 years of age.
Apologies if I have left out any key info. Not v good on pension stuff.
 
I believe with 20 years of contributions you will get a lump sum of 3/4 of your career average salary, and then your annual pension would be a quarter of your career average salary
 
Sunnygirl69 said:
Member
Can anyone give me guidance on my situation. Joined HSE 4 years ago, start paying into new entrant single pension scheme immediately at 3% (I think) Currently I earn just less than 30K & pay in approx €950 to pension. I am 50 years old. My question is, what, if any, pension will I get from this scheme ? After the state pension is taken away, will I be due anything ? Assuming I do 20 years service that takes me to 66 years of age.
Apologies if I have left out any key info. Not v good on pension stuff.
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Given your current age your normal retirement age in the Scheme is 68 - if you were to retire at 66 it would be on an actuarially reduced pension.

So at 68 you would have 22 years service. It is imposssible if give any sort of precise estimate for this scheme as it is based on career average earnings. But on the assumption of a career salary of €30000 and 22 years service, at normal retirement age (68) my rough estimate is for a tax free lump sum of about €25k (3.75% of 30000*22) and an annual pension of about €4k (0.58% of 30000*22). This occupational pension is additional to whatever State Contributory Pension you qualify for. Your State Pension entitlement will be based on your total PRSI record - not just your 22 years in the public service.

The estimate is at today's rates - presumably future salary and pension will be adjusted along the lines of cost of living.

This is a rough estimate. You will probably be entitled to increments and, perhaps, you will have promotion.
 
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