Dairy Mortar
Registered User
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- 1
Hello!
A teacher, I am currently 56 and as I am seriously considering my early retirement options, I contacted both the DES and the PSRA for figures for each of the remaining four years to full pension. The seems to be a consiferable discrepancy between the figures I received.
My career is rather chequered. I was switched from PRSI Class D to A in 1995 for a break in service. I bought 11 years + 5 days of notional service and am currently paying fortnightly notional service contributions up to age 60 towards the shortfall of 3 years + 193 days.
It would seem that, in my case, as I have purchased notional service up to age 60 I would need to retire on a cost neutral basis on any of the four years prior to that? Is that the case?
If so, it is impossible for me to calculate my estimated earnings as most teachers might (particularly taking into account my notional service contributions by lump sum and currently on a fortnightly basis) for each of those years leading to full pension. I would, therefore, absolutely need a specialist to provide accurate figures for each year as I don't know how the penalty for retiring on a cost neutral basis diminishes as one approaches full pension.
Would you know the date on which legislation was passed to transfer employees from Class D to Class A - and if it is the case that I should be able to retire earlier (without the cost neutral penalty) if I were still on Class D PRSI? Should I query the transfer?
And, would you have any advice on my options to retire early on a cost neutral basis without the massive penalty that cost neutral entails?
Many thanks!
A teacher, I am currently 56 and as I am seriously considering my early retirement options, I contacted both the DES and the PSRA for figures for each of the remaining four years to full pension. The seems to be a consiferable discrepancy between the figures I received.
My career is rather chequered. I was switched from PRSI Class D to A in 1995 for a break in service. I bought 11 years + 5 days of notional service and am currently paying fortnightly notional service contributions up to age 60 towards the shortfall of 3 years + 193 days.
It would seem that, in my case, as I have purchased notional service up to age 60 I would need to retire on a cost neutral basis on any of the four years prior to that? Is that the case?
If so, it is impossible for me to calculate my estimated earnings as most teachers might (particularly taking into account my notional service contributions by lump sum and currently on a fortnightly basis) for each of those years leading to full pension. I would, therefore, absolutely need a specialist to provide accurate figures for each year as I don't know how the penalty for retiring on a cost neutral basis diminishes as one approaches full pension.
Would you know the date on which legislation was passed to transfer employees from Class D to Class A - and if it is the case that I should be able to retire earlier (without the cost neutral penalty) if I were still on Class D PRSI? Should I query the transfer?
And, would you have any advice on my options to retire early on a cost neutral basis without the massive penalty that cost neutral entails?
Many thanks!