Yeah this officer would have been hired circa 2010. He reckoned a pension of 1000 a week after 67 when contributory state pension kicked in which would be more then 50% of final salary i would imagine or actually maybe not as with overtime prison officers get quite well paid. Seemed v generous to me as they also get the lump sum on top.For most PS hired post April 1995, the PS work pension is "integrated" or "co-ordinated" with the State Pension.
After 40 years service, the combined work + State Pension should be equal to 50% of final salary.
It is possible, under certain conditions (Gardai, maybe prison officers), hired before April 1995, with 30 years, not 40 years required, to manage to get a 50% PS work pension, AND a State Pension.
It is possible for any pre 95 PS worker who retires at age 65 to qualify for a portion of the State Contributory Pension.It is possible, under certain conditions (Gardai, maybe prison officers), hired before April 1995, with 30 years, not 40 years required, to manage to get a 50% PS work pension, AND a State Pension.
Do post 1995 ps workers qualify for Contributory pension, this man was hired circa 2010.It is possible for any pre 95 PS worker who retires at age 65 to qualify for a portion of the State Contributory Pension.
They can, by various methods, pay reckonable prsi contributions up to age 70. When they reach the 260 full rate paid level, they qualify for a pro rata State Contributory Pension.
Yeah this officer would have been hired circa 2010. He reckoned a pension of 1000 a week after 67 when contributory state pension kicked in which would be more then 50% of final salary i would imagine or actually maybe not as with overtime prison officers get quite well paid. Seemed v generous to me as they also get the lump sum on top.
Yes maybe i was just surprised that ps workers also get contributory pension and their pensionable salary is not deducted this like in the private sector where it is deducted 1.5times pensionable salary.Overtime is generally not pensionable in the public service and I imagine this also applies to prison officers. However, various allowances are pensionable. This would yield a pension greater than 50% of standard salary (inc State Pension). Perhaps this is what he means?
He has 15 years of post 95 service.Do post 1995 ps workers qualify for Contributory pension, this man was hired circa 2010.
Cheers, PS pensions really are top notch compared to private sector.He has 15 years of post 95 service.
This means that 15/40ths of the Contributory Pension is integrated into his Public Sector pension.
If he has Prsi contributions from other employment he can get extra contributory pension.
If he has 25 years of Prsi from other employment he would also get the remaining 25/40ths of the Contributory Pension.
Yes maybe i was just surprised that ps workers also get contributory pension and their pensionable salary is not deducted this like in the private sector where it is deducted 1.5times pensionable salary.
Do post 1995 ps workers qualify for Contributory pension, this man was hired circa 2010.
Certainly not compared to my Defined Benefit Bank of Ireland Pension scheme which guarantees 2/3rds of your final salary after 40 years service and the contributory state Old Age Pension when you reach 66.Cheers, PS pensions really are top notch compared to private sector.
Have DB CARE myself, not as good as DB final salary which i had initially until it was changed but this ps worker seemed to have a grand a week at current rates as a pension all inclusive. Seemed very good for prison officer.Certainly not compared to my Defined Benefit Bank of Ireland Pension scheme which guarantees 2/3rds of your final salary after 40 years service and the contributory state Old Age Pension when you reach 66.
The true Rolls Royce pensions are those who benefit from good private sector schemes and then qualify for the OAP
Have DB CARE myself, not as good as DB final salary which i had initially until it was changed but this ps worker seemed to have a grand a week at current rates as a pension all inclusive. Seemed very good for prison officer.
I ticked all the boxes except the shopping so I'll need 40k!33k looks a bit lower than on this calculator, still interesting to have a look.
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Those figures align with my own estimate of my retirement needs based on my current expenditure (including health insurance for the entire family).
But the RTE report is very clear that these numbers will vary according to personal circumstances.
It's also pretty clear that the state pension won't cover much at all past the basics. And for many people they'll struggle on it even for the basics.
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