Post 1995 Supplementary pension query

Re the new Circular 12 / 2024
Cost-Neutral Early Retirement (CNER)
An OSP is not payable to individuals who retire or seek to be discharged from the PDF on CNER prior to their Preserved Pension Age. A person who retires or seeks to be discharged from the PDF on CNER may apply for an OSP on reaching their Preserved Pension Age subject to meeting other eligibility criteria.
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So for those post 1995 pre 2013 who can retire at 65.

If you go at say 58 under CNER, you will not be entitled to Occupational Supplementary Pension (OSP) from 58 to 65.
But would receive it for 1 year, age 65 to 66, when the State Pension Contriubtory kicks in. Am I right?
 
TheJackal said:
Re the new Circular 12 / 2024

So for those post 1995 pre 2013 who can retire at 65.

If you go at say 58 under CNER, you will not be entitled to Occupational Supplementary Pension (OSP) from 58 to 65.
But would receive it for 1 year, age 65 to 66, when the State Pension Contriubtory kicks in. Am I right?
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If you take CNER at 58 and your "normal retirement age" is 65 (a post-2004 entrant) then you may be eligible for an Occupational Supplementary Pension from 65 . If you are a pre-2004 entrant you may be eligible for it from 60 ("normal retirement age"). Except in unusual circumstances the Supplementary will cease once you reach State Pension age.

The same would apply if you left service at 58 and deferred pension drawdown until your normal retirement age (a "preserved pension").
 
I was looking into what happens to class A, early retirees when you get to 65.
At this point your employers stop paying the Supplementary Pension at 65.

Then you have to check out if your entitled to BP65 (Benefit Payment 65) until you you get to 66 when you get the state pension.

This came around at the last election when Sinn Fein promised to bring the state pension back to 65!, this panicked the other parties and they agreed to change how a pension can be paid at 65.

It's the same rate as the job seekers benefit but you don't not have to look for work, but you still need to have 117 stamps for the 3 years before, or not be working.

Fortunately there's no signing on, but you do need to be living in Ireland. I'm not a supporter of any party, but the main parties want to get Thier act together otherwise their gonna upset their core voters.
 
Mickey99 said:
I was looking into what happens to class A, early retirees when you get to 65.
At this point your employers stop paying the Supplementary Pension at 65.

Then you have to check out if your entitled to BP65 (Benefit Payment 65) until you you get to 66 when you get the state pension.
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They won't stop paying it unless you are getting a SW benefit to the same or greater value than your Supplementary. I don't know whether under the new procedure you will be obliged to apply for the BF65 or whether you can just opt to stay on the Supplementary. But either way you should not loose out financially.
Before the BF came into existence the Supplementary just continued until 66.
 
From what I found Ruffian, there was another allowance called the State Pension Transition! and you got it at 65 to 66. It was for public sector staff who retired at 65. That has now gone and replaced with the BP65. I think the Supplementary stops at 65. It's worth checking it out to be sure!

So you were to retire at say 60, sign on for for JSB for 9 months then go back to employer and get the Supplementary Pension then at 65 go to Social Welfare and get the BP65 and then at 66 apply for the Sate Pension. You'd be busy, in the meantime stay at home don't work and don't leave the country!

The buearacracy is crazy multiple organisations and system!

This is the chaos that has been caused by governments thinking they are saving money, but it only ends up costing more money.
More and more staff are required to manage the Pension departments all paid for by the state. Genius.
 
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Mickey99 said:
From what I found Ruffian, there was another allowance called the State Pension Transition! and you got it at 65 to 66. It was for public sector staff who retired at 65. That has now gone and replaced with the BP65. I think the Supplementary stops at 65. It's worth checking it out to be sure!
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The State Pension Transition was not confined to public sector staff. It was similar to the State Pension but with the proviso that you were not allowed to work while claiming it. There was an interval between its abolition and the introduction of the BP65. Also, people who retire at 60 and do not work (or otherwise build up reckonable PRSI) will not qualify for the B65. Public sector retirees in this position are continuing to get the Supplementary.

There is no provision for the Supplementary to stop at 65 - outside of the usual conditions of not working or getting a contributory SW benefit.
 
A person in receipt of BP 65 can be absent from the state for an unspecified period and still qualify for payment.
Provided that the absence is not permanent and provided that they are not in employment while absent.
So effectively you could go on a foreign holiday on your 65th birthday for the whole year and receive BP 65 payments.
 
All this swapping between schemes filling out one form after another, reading through multiple conditions to see if you or don't qualify, if you work you could lose out, it's crazy.

So if for some reason you haven't paid 177 stamps for the three years before your 65, or if you work part time and your income is more than 7k, then you would be ineligible for the BP65?

Of course as Ruffian says you may still be eligible for the Supplementary Pension?
Of course the PB65 is about €233 a week and you supplementary could be much less!

And don't get me started on the State Pension, if for example you worked for just 10 years and paid a stamp, reached 66 you get the full state pension. But if your not 66 until after 2025, it's now going to start converting by 10 % each year for next 10 years to be based over 40 years!. So for some if you were overseas etc now you state pension could be halved or worse!
 
Mickey99 said:
Of course as Ruffian says you may still be eligible for the Supplementary Pension?
Of course the PB65 is about €233 a week and you supplementary could be much less!
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If you don't qualify for the PB65 and you are not working you are still eligible for the Supplementary.
And , yes, you may be better off on the PB65 than the Supplementary and you get to keep the difference!
But if the PB65 is less than the Supplementary you get a top up!
 
Mickey99 said:
So if for some reason you haven't paid 177 stamps for the three years before your 65, or if you work part time and your income is more than 7k, then you would be ineligible for the BP65?
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The 117 stamps is for subsidiary employment over 7.5k.
Assuming you are not going to be in employment from age 65 to 66 the requirements to qualify for BP 65 are a minimum of 39 contributions in the year of your 63rd birthday and 13 weeks employment in any one of the years of your 61st, 62nd, 63rd, 64th or 65th birthdays. It is important to keep signing on for Jobseekers credits especially for the year of your 63rd birthday. These Prsi contributions and credits are class A.

The situation for class S is more complicated.
 
Currently signing for jobseekers credits, can the 13 weeks employment credits be substituted by credits earned from a PRSA drawdown of over €5000 in any of the qualifying years.
 
Latest comment from Leo Varaker....
'that employers and communities are "crying out" for workers.'

"Every hospital, every healthcare facility, every school, every childcare facility is looking for staff."
Yet 100,000 Class A Garda, Nurses, Teachers cant take up work?

Can anyone advise please, a class D Garda, who retired early told me they have to sign on once a year to get prsi credit, but when they reach 66 they don't get a pension, so what is the benefit of Class D singing on for prsi credit?
 
Mickey99 said:
Can anyone advise please, a class D Garda, who retired early told me they have to sign on once a year to get prsi credit, but when they reach 66 they don't get a pension, so what is the benefit of Class D singing on for prsi credit?
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I sounds like he is signing for Class A credit with a view to getting a pro-rata pension. And/or maintain spouse's eligibility for Widow/Widowers benefit.
 
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Mickey99 said:
Sorry I should explain... take approx 20,000 public sector and semi state employees retiring each year for next 5 years!
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Maybe - but they won't be all all on post-95, pre-2004 pension schemes.

And of those that are not all will be retiring at 60 - some because they don't want to and many because they don't have the years for a full pension and can't afford to. I know some of the "uniformed" grades have compulsory retirement at 60 (or had until recently) but most on general PS schemes do not. Nor can they accumulate full pension benefits with 30 years of service.
 
Codeblue said:
Currently signing for jobseekers credits, can the 13 weeks employment credits be substituted by credits earned from a PRSA drawdown of over €5000 in any of the qualifying years.
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No. The ARF over 5000 euro gives you class S stamps.
These will not work in the class A system.
 
Just to update I retired on Wednesday, and thanks to all the help her all went great. I have applied for the supplementary pension as per the circular and I will be probably the first in my organisation to get it. It has been sorted and will be applied from next week. Just has to go through some administration as the Pensions Office apparently will only take the paper form.

So much handier than having to sign. This forum was a great help.
 
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