Public servant on pre 2013 pension: should I resign and apply for a new role with single service scheme

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Francine265

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I'm 50 and single. I pay over 12,000 euro per year into my public service pension - I'm on the pre-2013 scheme. My colleague on the same grade as me pays much less into their pension because they are on the single scheme. I do not own a home and I'd like to buy a home soon or before I retire. Should I change to the single service scheme to give me more purchasing power to buy a home now? I think this would require me to resign and stay off work for 6 months before starting a new public service job.
Also, am I right in thinking that the value of my pension is being reduced because of state pension increases?
 
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That's not necessarily true and it appears to me that people in similar situations to mine are worse off on the old scheme.
E.g. Grade 8/AP or equivalent who worked part time for years and who will not have full service, compared to new entrant who will have the same years service on retirement (25 years) and will retire with the same benefits but who paid 7% less in AVC over the years.

See here fora good explanation: https://www.askaboutmoney.com/threa...e-public-service-pension-scheme-spsps.225922/

Is there a clever person who could do a calculation?
 
I'm surprised at this.

Surely the unions would object to the pre-2013 staff paying much more ASC, and not getting more benefits?
 
Protocol said:
I'm surprised at this.

Surely the unions would object to the pre-2013 staff paying much more ASC, and not getting more benefits?
Click to expand...

I don't think they do get more benefits. I think this depends on hypothetical accounting - based on the Single Scheme member contributing the difference in ASC to an AVC over the duration of service and getting a certain rate of growth.
 
You would be crazy to do that , Pre2013 scheme is based on your last paycheck for your pension calculations and is linked to future pay increases . Your grat is also linked to this .
Post 2013 is career average calculation and a much smaller grat . Its the equilivant of giving away a tracker mortgage when the rates were 0% .
Talk to an actuary and they will advise you not to switch .
 
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