Pay cut to join civil service. Current private pension 205k.

Thanks everyone.

A couple of related questions

Do you get the state (old age) pension on top of your public service pension? (Assuming enough prsi contributions)

What to do with the existing private pension if moving to the ps? Keep it ticking over by contributing something to it going forward?
 
colin79ie said:
Do you get the state (old age) pension on top of your public service pension? (Assuming enough prsi contributions)
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They are integrated.

You should really read the guidance if you're contemplating a big decision like this.

It's the kind of initiative expected at AP grade:)
 
To put it simply, for those joining since 1995 your civil service pension entitlement is reduced by the amount of your state contributory pension.

The intention is that your combined pension entitlement would be the same (pro rata) as a previously serving civil servant who wouldn’t have paid full PRSI and therefore wouldn’t be entitled to the state pension.

The means by which this is calculated can be complicated however.
 
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Salvadore said:
To put it simply, for those joining since 2013, your civil service pension entitlement is reduced by the amount of your state contributory pension.
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That's the case for people joining since 1995.

For post-2013 entrants the main difference is a pension based on career-average rather than final-value salary. For a late entrant like the OP the difference shouldn't be massive.
 
The civil service is good for many reasons, however, I would say anyone joining solely for the perks may be rudely awakened.

The pension for those joining is really not attractive in the way it used to be , many entrants will not have 40 years in the civil service as increasingly people are joining after their masters or doctorates and most likely having worked somewhere else for a number of years.
Your Pension won't be based on your final salary but instead on your career average .It is guaranteed though and that can be an important factor in decision making.

The Contributory pension which would be on top of your private pension is included in the sum you are paid so lower paid civil servants will have need full service or close to that to receive any annual benefit from their pension besides their lump sum.
You won't receive bonuses , staff incentives, health insurance etc that you might in private sector.

Saying that I have found training is good and the work itself to be interesting in comparison to private sector. The opportunities to move and learn new roles and skills is something would not have been available in the private sector and I have worked with some brilliant people.

The leave is definitely better and there is at least an acknowledgement that there should be some work life balance although I don't think I have ever managed to keep the work from 9-5 and forget about it. I think that depends on the role and the person more than the job.

I think the changes to the pension have led to a change in the civil service, I notice a lot of people joining get very fed up after a short time if they aren't promoted partly because of the impact of the career averaging on the final pension grates on them. There is a lot of resentment built up. There seems more movement and resignations which were pretty unusual some years ago seem more common.

We are probably going down the road of the UK where people do a few years out of college, leave and work for the private sector and contract back in again at a later stage.
 
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