Thoughts on the Single Public Service Pension Scheme (SPSPS)

[Protocol]

Surely the SPSPS ension cont is listed on the payslip?

Simply annualise that figure?

 

[polar]

Surely the SPSPS ension cont is listed on the payslip?

Simply annualise that figure?

That would certainly simplify things, but no, the contribution are not listed on the payslip. It's a defined beneft scheme, not a defined contributions one, so the contributions are not shown there (annoyingly).

 

[Dr Strangelove]

the contribution are not listed on the payslip

If you are part of the SPSS the “contributions“ are very much on your payslip.

Look for terms like “pension lump sum” and “pension contribution”.

Of course these operate just like a tax and there is no personal or collective fund, but there very much are deductions that impact your net pay.

 

[polar]

Aha, yes, there is indeed a "Lump Sum Pension '13" line there! Thank you both, @Dr Strangelove and @Protocol! OK, then the pension contributions do indeed look like they equate to about 2.7-3% of pay, the spreadsheet calculations are roughly correct and putting 32% into the AVC looks like the way to go. Brilliant!

 

[Ciru75]

Aha, yes, there is indeed a "Lump Sum Pension '13" line there! Thank you both, @Dr Strangelove and @Protocol! OK, then the pension contributions do indeed look like they equate to about 2.7-3% of pay, the spreadsheet calculations are roughly correct and putting 32% into the AVC looks like the way to go. Brilliant!

The Lump sum pension contribution should be exactly 3% of gross pensionable pay (overtime isn't pensionable for example).

 

[Sunnygirl69]

I was thinking about re-doing this thread when I have time to simplify the first post and capture some of the main points of discussion that have arisen in the interim.

That would really be great.

 

[penguins]

Edit: please delete my post as I now see that someone else already posted a spreadsheet doing exactly the same thing as mine earlier in the thread!

 

[Ent319]

That would really be great.

Hi I am going to get round to doing this - have just had a lot on my plate recently.

I'd like to simplify the overall structure / contents of the main post. Would be structured as follows:

1. Key features of the Single Scheme
2. Key differences between the Single Scheme and older Irish public service pension schemes
3. Expected Benefits on Retirement for Single Scheme Members
4. Should I make additional contributions to my pension on the Single Scheme

 

[Protocol]

This ASTI document from 2018 compares the various PS pension schemes

 

[Ent319]

OK Folks the new thread is live here: https://www.askaboutmoney.com/threads/the-single-public-service-pension-scheme.236839/#post-1888935

I've a few edits to make to the posts but please let me know if you like it / if you've spotted anything wrong, and if anyone wants to throw anything extra in like the spreadsheets please go ahead.

 

[Protocol]

Post 2 - there is a typo.

The standard member contribution rates which apply to most members are 3% of pensionable remuneration and 3.5% of net pensionable remuneration (pensionable remuneration less twice the value (at the time) of the contributory State Pension for a single adult without dependents).

6.5% is the headline superannuation rate.

 

[Ent319]

Post 2 - there is a typo.

The standard member contribution rates which apply to most members are 3% of pensionable remuneration and 3.5% of net pensionable remuneration (pensionable remuneration less twice the value (at the time) of the contributory State Pension for a single adult without dependents).

6.5% is the headline superannuation rate.

Thanks Protocol. That and the related table are now fixed.