Pension from previous employment in An post

A

Aisling28

New Member
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Hi,
My first post here so hope it's the right section. I worked in an post for about 8 years about 20 years ago. Would anyone know how to go about getting this pension.
Also about the new government pension. It says people earning over a certain amount will be auto enrolled. I think its about 20 thousand or thereabouts. I only work part time and don't earn that amount. Does that mean I'm not entitled to sign up for the pension at all, as if not I'll have to set up a private one.
Thanks in advance if anyone has answers.
 
You should be contacted by An Post automatically when you reach pension age (60 or 65). If they don't contact you, you should contact their HR section.
The state contributory pension will remain in existence alongside the auto enrollment pension. You will qualify for the contributory pension based on your Prsi record.
 
You can contact An Post HR department now and ask them for an up-to-date Deferred Benefit statement to be sent to you. This will show you what you're entitled to for your 8 years' service.

As @S class mentions above, don't confuse the State Contributory Pension with the Auto Enrolment Scheme. They're two totally different things. Your eligibility for the State Contributory Pension is determined by how many PRSI contributions you have over your working life.

The Auto Enrolment scheme still hasn't been launched yet. Official estimate is sometime next year but personally I don't think it will be ready by then. If you don't qualify for the Auto Enrolment Scheme because your salary is below €20,000, you can ask your employer to make equivalent contributions to a pension scheme for you, although there's no obligation on them to do so.

That said, if your income is below €20,000 you may be paying little or no Income Tax. If that's the case you might be better off simply putting money aside into a savings account for your retirement, rather than a pension scheme (unless your employer is contributing). If you're not paying tax, you can't get tax relief on pension contributions.
 
For the new Auto Enrollment Pension scheme, for those earning under 20k p.a., they need to “opt in”, as automatic enrollment only happens, for those on 20k+.

It is mandatory that Employers contribute to the auto enrollment pension scheme, it is not optional.

It would be worth your while opting in, as leaving aside tax relief, the employer and the state will both add contributions on top of the employee contributions.

As it is being brought in in phases, over aperiod of 10 years, and there are restrictions and limits, its difficult to give exact numbers, most of the examples have someone earning 20k.

Employer & Employee contributions, both start at 1.50 %, and very slowly rise, to 6.00 % from year 10.
There is also a state top up, so in the first 3 years, Employee 1.50 %, Employer matches this, and the state tops up by 0.50 %. Note there are limits and restrictions.

If you contribute say €250 in each of the first 3 years, then a total of €583.33 per annum, will actually go into your Pension Fund.

Employee : 250
Employer: 250
The State: 83.33

In year 4, the above numbers double etc
Etc

https://www.gov.ie/en/campaigns/0ab04-automatic-enrolment-for-pensions-hub

Bonkers also have useful article about this:

www.bonkers.ie

What is the auto-enrolment pension scheme?

After years and years of delays and false starts the new auto-enrolment pension scheme is set to come into force soon.
www.bonkers.ie www.bonkers.ie
 
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