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How much is my pension going to be worth?

  • 19-11-2016 11:02am
    #1
    Grimesy747
    Closed Accounts Posts: 2 ✭


    Hey guys/ladies.

    Wondering can anyone help me out? I am 30 and work in a branch of Dublin city council. I previously worked for 10 years in the public service and carried my pensionable service into my current job. I have to retire at 55 and at that point I will have accumulated a 40 year pension, 25 years DCC (last 5 years are doubled so that equals 30) and the 10 years from the previous job.

    My main query is how much is this worth to me at retirement and what age can I start claiming it at?

    Thanks


Comments

  • #2
    BrianD3
    Registered Users, Registered Users 2 Posts: 8,514 ✭✭✭BrianD3


    Try this

    http://www.cspensions.gov.ie/modellers.asp

    You'll be given a number of calculators to choose from - pre 1995 entrant civil servant, post 1995 entrant civil servant, post 95 entrant prison officer etc.

    As you are in a grade (Firefighter?) with accelerated pension accrual, your pension T&Cs are probably similar to those of prison officers. Also it seems from your post that you are either a post 1995 or a post 2004 entrant.

    PS - post 1995 and post 2004 entrant pensions are "coordinated" with the social welfare old age pension. The figures that the calculators give for post 95/04 entrants do not include the social welfare part of the pension. This is a can of worms as there is a lot of confusion out there as to exactly what social welfare pension post 95/04 public servants can expect. If you look at www.askaboutmoney.com you will see many heated discussions on this issue.


  • #3
    Grimesy747
    Closed Accounts Posts: 2 ✭Grimesy747


    BrianD3 wrote: »
    Try this


    Thanks for that BrianD3, great info. When it comes to pension I have absolutely no idea, zero! I have to retire at 55 so do I have to wait until I'm 65/66 to claim my pension? Yes I'm a firefighter (good guess) and I carried my previous service into the DFB from my previous public service job so I'm on the post 2004 pension scheme, not the post 2013 new entrant like some guys I trained with.

    My main queries are what age can I start to claim it at and is there and roughly what is it going to be worth?

    Thanks again for the info


  • #4
    BrianD3
    Registered Users, Registered Users 2 Posts: 8,514 ✭✭✭BrianD3


    Grimesy747 wrote: »
    Thanks for that BrianD3, great info. When it comes to pension I have absolutely no idea, zero! I have to retire at 55 so do I have to wait until I'm 65/66 to claim my pension? Yes I'm a firefighter (good guess) and I carried my previous service into the DFB from my previous public service job so I'm on the post 2004 pension scheme, not the post 2013 new entrant like some guys I trained with.

    My main queries are what age can I start to claim it at and is there and roughly what is it going to be worth?

    Thanks again for the info
    I'm far from an expert, especially when it comes to accelerated accrual. But I would be pretty sure that the "occupational" part of your pension (i.e. the figure that the calculator will spit out) is payable at age 55.

    Whereas if you were a post 2004, pre 2013 admin grade employee in Dublin City Council, the occupational part of your pension would not be payable until age 65.

    You and your admin colleagues may be able to retire earlier than 55 or 65 using Cost Neutral Early Retirement aka Actuarial Reduction. A percentage reduction is applied to the pension in that case. For a post 04, pre 13 admin employee the minimum age for CNER is 55, for you it may be 50?

    The real complication here arises from the fact that your pension is coordinated with the old age pension. So you retire at age 55 and if you have 40 years service you expect to get half of your final salary. However your pension is made up of an occupational part that is coordinated with the old age pension and the latter is not payable until around 67 (I forget the exact age)

    So what do you do between age 55 and age 67. As far as I know you are expected to apply for Jobseekers benefit/allowance and if you are not eligible, a supplementary pension (on top of your occupational pension) may be payable by Dublin City Council until you reach age 67.

    That is just a basic summary of what I think happens, as I said it is a can of worms! There are posters on askaboutmoney who would vehemently disagree with what I've written above about the supplementary pension.


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