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Public service pension calculation

  • 23-08-2017 1:22pm
    #1
    Zipppy
    Registered Users, Registered Users 2 Posts: 2,055 ✭✭✭


    How is PS pension calculated?
    Old scheme not single career average scheme.
    is it calculated solely based on yiur final salary or an average of final 5 years salary?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    The formula (multiplier based on service) depends on which branch of the PS you are in - is there nobody in your department you can ask? The union?

    Most people have usually risen to the top of their incremental scale by the time they retire so the formula is typically applied to your final salary but that won't apply if you got promoted in the final three years in which case you will get pro rata. Say you were a school vice-principal for several years and served as a principal for the last year of your service, in that case you would get 2/3 of a VP's pension and 1/3 of a principal's pension. So you need to have served for three years in a grade in order to have your full final salary used as the basis for the pension.


  • #3
    Zipppy
    Registered Users, Registered Users 2 Posts: 2,055 ✭✭✭Zipppy


    I'm thinking, for example, about shorter working week say 3 days a week for a few years and then final year back to 5 days...in such an example would the final year full salary be the basis of calculation? obviously overall service would be reduced by the years of shorter working..


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Surely you have a union - INTO, GRA, INMO, IMPACT, SIPTU, CPSU? Or there is a HR department you can talk to?


  • #5
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    Zipppy wrote: »
    I'm thinking, for example, about shorter working week say 3 days a week for a few years and then final year back to 5 days...in such an example would the final year full salary be the basis of calculation? obviously overall service would be reduced by the years of shorter working..

    Is it not based on 1/80th per workyear to a max of 40/80ths of final salary?. 3 day week years would only count as 0.6 years service. Lump sum is similarly calculated. But things may have changed since I last looked at it. HR or the Union will tell you.


  • #6
    Zipppy
    Registered Users, Registered Users 2 Posts: 2,055 ✭✭✭Zipppy


    coylemj wrote:
    Surely you have a union - INTO, GRA, INMO, IMPACT, SIPTU, CPSU? Or there is a HR department you can talk to?


    Yep.. union don't know :)
    Will talk to my superannuation people...they might know lol
    Thanks all..


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Emilio Miniature Multiplex wrote: »
    Is it not based on 1/80th per workyear to a max of 40/80ths of final salary?

    In the Gardai it's 1/80 per year of service for the first 20 years, then there's a 2x accelerator for the next 10 years (1/40 p.a.) so they get a 50% pension after just 30 years.


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