Question...if someone joins and does eg 20 years service, assuming same salary for entire 20 years, pension is 20/80 ie 25% of average salary.
But the contributory pension is included in this. So eg 100k average salary, 25k pension of which 12.5k is contributory? Or does the pension included in this get prorated as well?
Or is this the disadvantage of joining the public service for <40 years, ie ratio of contributory to occupational pension is higher with less service?
Yes. Has anyone seen any computations for what these contributions would entitle people too, eg. For a 30k salary or 50k salary. I've seen no mention anywhere of what people can expect to get out of this.This new Auto Enrollment is aimed at those not already members of an Occupational Pension Scheme. These are predominantly workers in Retail, Hospitality and those in SME's.
Thank you.If you pay tax at 40% and your employer will match your pension contributions, you're better off in a traditional pension scheme. If you pay tax at the lower rate of tax, the auto-enrolment scheme is better. The auto-enrolment scheme doesn't seem to have any facility to vary your contributions. There's a lot of discussion of the auto-enrolment scheme on Askaboutmoney here.
I am uploading a 2024 updated and more refined version of the pay calculator I uploaded last year. It calculates correctly for me and a few of my colleagues (within a few cent for some, and within a euro or two for others). Just to note this is only for Post 2013 recruits to the public service.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.