Single Public Service Pension Scheme - A Good Deal?

[Threadser]

T
The two are separate.

Untrue the Single Public Service Scheme (post 2013) is integrated with the State Pension. It is a career average scheme and is far from generous or "gold plated".

 

[Conan]

Firstly I never said the SPS was “gold plated”.
Secondly, I stand by my original point, the individual will qualify for the State Social Welfare Pension based on his A Class PRSI record. His benefits from the separate Occupational Pension Scheme (SPS), even on a career average basis will be in addition to the State SW Pension. Irrespective of whether the SPS is “integrated” or not, the individual will get will get two Pensions, State + SPS (though the SPS will likely be small with short service).

 

[Threadser]

Firstly I never said the SPS was “gold plated”.
Secondly, I stand by my original point, the individual will qualify for the State Social Welfare Pension based on his A Class PRSI record. His benefits from the separate Occupational Pension Scheme (SPS), even on a career average basis will be in addition to the State SW Pension. Irrespective of whether the SPS is “integrated” or not, the individual will get will get two Pensions, State + SPS (though the SPS will likely be small with short service).

I was replying to the title of the thread "Is it a good deal?. Answer No and definitely not gold plated or generous as is still the general media comment on PS pensions despite these changes since 2013. It is an integrated scheme and therefore not separate as you had stated. Agree that the SPS will likely be small.

 

[CormacKeogh]

Thank you Conan

 

[Sunnygirl69]

Can anyone give me guidance on my situation. Joined HSE 4 years ago, start paying into new entrant single pension scheme immediately at 3% (I think) Currently I earn just less than 30K & pay in approx €950 to pension. I am 50 years old. My question is, what, if any, pension will I get from this scheme ? After the state pension is taken away, will I be due anything ? Assuming I do 20 years service that takes me to 66 years of age.
Apologies if I have left out any key info. Not v good on pension stuff.

 

[Ciru75]

There's an excel sheet here: [broken link removed] where you can get an idea.