Public service pension

  • Thread starter Perrywinkle
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Perrywinkle

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Hi
I am in the lucky position of having secure an EO position in a public body 4yrs ago. I say lucky as I am one of the oldies or back to work, former woman in the home etc.,
My question is I have been paying into a pension since over the last 4 yrs and have now learnt that I can draw on a pension I paid into from my employer whom I worked for 25 yrs ago. This pension is small - only about 220 euro every 4 weeks. My question is should I draw this and buy back some years of my public service pension as everyone tells me this is a really good one.
I'd really like some guidance on this.Hope someone can help.
 
Hi Perrywinkle,

It's not a bad idea. What you should do is contact your salaries section in the public body and get them to estimate (for instance) what 55 Euro per week will allow you to buy back. You can buy in block as well, but that it more expensive (although it's a once-off cost)

Very roughly, (although it does depend on age!), one years service is around 1% per annum of your gross wage. But the good folks of salaries should be able to help you out on this one.

As for the pension, I think it's the best in town - 1/80 for each year worked up plus 3/80 per year added to a gratuity, for relatively speaking a small amount. If you don't need the money from the pension you're getting, I'd start buying back years and fund it from extra deductions from your pay packet.


Let us know how you get on.

Regards,

OpusnBill
 
Hi OpusnBill,

Brilliant, thanks for that advice. I'm off to speak with my HR Manager and hopefully they can give me the figures. I'll certainly let you know how I get on.
Thanks again for taking the time to reply - much appreciated.
 
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