Public pension and contributory pension

M

Mikefromcork

Registered User
Messages
47
Hi all
I have worked since I was 21 in the private sector where I paid into a DC scheme and now I am joining the public service. I am 40 years old.
I understand the value of the DC scheme will vary. Putting that aside
I am wondering how do I calculate what I will get from my state pension(s) in the future it being a mix of contributory and public service. Will I get 1/2 a contributory pension and I know I will contribute towards the new public service scheme or because I haven’t contributed to a contributory pension for my entire career will I get little out of it. Any advice would be appreciated.
thanks
Michael
 
Assuming you have paid regular PRSI so far, then you will continue to pay regular class A social insurance in the PS, and so you will get a State Pension.


You will be joining the Single PS pension scheme.

https://singlepensionscheme.gov.ie/

[broken link removed]

So you will get a PS pension based on your future time spent in the PS.
 
The PS pension benefits are on page 16 of the scheme booklet.

Lump-sum = 3.75% x your full-time gross pensionable remuneration x your % work pattern

Pension
CSP threshold = 3.74 x current CSP rate x your pay frequen
0.58% x your full-time gross pensionable remuneration up to the CSP Threshold x your % work patte
plus (if applicable)
1.25% x your full-time gross pensionable remuneration above the CSP Threshold x your % work pattern
 
Protocol said:
Assuming you have paid regular PRSI so far, then you will continue to pay regular class A social insurance in the PS, and so you will get a State Pension.
Click to expand...
Thanks Protocol that is exactly what I needed to know. I am paying Class A1 PRSI since I started working. It is good to know I will still be getting my state pension as for some reason I thought when you join a public body that I wouldn’t be paying the same class of PRSI so I wouldn’t get a contributory pension when I retire. Thanks for the additional info. Very informative. Cheers.
 
Note that the PS pension is integrated / co-ordinated with the SPC, so they are linked.

You have been paying PRSI class A, and will continue to do do in the PS job.

The PS pension benefits are related to SPC, you may see the SPC in the formula for the PS pension benefits.
 
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