Posting this for a friend. Thanks in advance for your attention.
I worked for two different public sector organisations over the past 30 years. I paid Class D PRSI (therefore didnt join 'Single Scheme') in both and worked full time.
When I left I preserved my pensions with both employers. I needed to take some time out over the past few months, therefore ceased employment, and this extends beyond 26 weeks.
I am now considering my next steps and the pros and cons of
- rejoining public sector
- moving to private sector/ self-employment.
My main query is whether a return to public sector would jeopardise my preserved Class D-based pension and retirement age (60 - 65)?
I realise that any new public sector employment would require that I join the single scheme.
From research I have done, including on this forum, it seems to hinge on the interpretation of s.21 of S.I. No 582 of 2014 S.I. No. 582/2014 - Rules for Pre-existing Public Service Pension Scheme Members Regulations 2014. (irishstatutebook.ie) which states...
My interpretation of this is that
- I could return to public sector, join the Single Scheme, not transfer previous Class D service to new employment (preserving previous service separately)
- I would accrue Class A contributions in new employment and could potentially gain entitlement to contributory pension
- I would not be able to access Class D-based pension until/ unless I left (retired/ resigned from) new employment in public sector
Questions
1. Is my interpretation above correct?
2. How long would I have to accrue Class A contributions to become entitled to state pension?
3. Are there any particular advantages for me to joining public v private sector?
I worked for two different public sector organisations over the past 30 years. I paid Class D PRSI (therefore didnt join 'Single Scheme') in both and worked full time.
When I left I preserved my pensions with both employers. I needed to take some time out over the past few months, therefore ceased employment, and this extends beyond 26 weeks.
I am now considering my next steps and the pros and cons of
- rejoining public sector
- moving to private sector/ self-employment.
My main query is whether a return to public sector would jeopardise my preserved Class D-based pension and retirement age (60 - 65)?
I realise that any new public sector employment would require that I join the single scheme.
From research I have done, including on this forum, it seems to hinge on the interpretation of s.21 of S.I. No 582 of 2014 S.I. No. 582/2014 - Rules for Pre-existing Public Service Pension Scheme Members Regulations 2014. (irishstatutebook.ie) which states...
| 21. Split Pensions in the Scheme | ||
| (1) A new entrant who is entitled to preserved benefits payable at age 60 in respect of earlier service as a member, or a fully insured member who is entitled to preserved benefits as a member during which service he or she was not fully insured, may opt to retain entitlement to the preserved benefits subject to— | ||
| (a) payment of the preserved pension not commencing before the date on which his or her membership of the Scheme ceases, | ||
| . |
- I could return to public sector, join the Single Scheme, not transfer previous Class D service to new employment (preserving previous service separately)
- I would accrue Class A contributions in new employment and could potentially gain entitlement to contributory pension
- I would not be able to access Class D-based pension until/ unless I left (retired/ resigned from) new employment in public sector
Questions
1. Is my interpretation above correct?
2. How long would I have to accrue Class A contributions to become entitled to state pension?
3. Are there any particular advantages for me to joining public v private sector?