Here follow a few thoughts on your query regarding the likelihood of overprovision:
·[FONT="] [/FONT]50% pension + 150% lump sum involves the commutation of 16.67% pension for the lump sum (versus the Revenue 66.67% maximum pension). Revenue accept that 16.67% is too high.
·[FONT="] [/FONT]Public service pensions pay a surviving spouse only 50% of the original pension. Revenue allow 100%.
·[FONT="] [/FONT]Allowances and promotions gained in the last 3 years of service will not be fully pensionable.
·[FONT="] [/FONT]You may have other non-pensionable income.
·[FONT="] [/FONT]Revenue in fact permit 66.67% PLUS the OACP. The OACP is integrated into the pensions of post-1994 hired public servants and is not payable to those hired before that date. All can fund the value of the OACP themselves.
·[FONT="] [/FONT]If you work past your normal retirement age and for more than 40 years you may be entitled to fund an addition to your tax free lump sum of 3/80 x the years in excess of 40 worked.
For what it's worth, I am convinced that the legislative framework for pensions will be unrecognisable by the time you retire. The government is making yet another policy announcement at some stage this week regarding retirement age but there'll be another policy change coming along after that one if you just wait.
Net, keep saving now for your pension. Don't worry overly about what the law is today - it'll change. But you're unlikely ever to regret in the future putting (affordable) money away in the past.