Supplementary Pensions and Teachers

KOR101

An article in yesterday's SBP had this in it....

Other public sector workers such as teachers and nurses used also to be eligible for supplementary pensions. This meant that if they had 40 years’ service, they could retire on a full pension before the state pension age of 66.
But supplementary pensions have been scrapped completely, so new teachers will have to work till the forthcoming state retirement age of 68.

Can someone tell me if it's possible for teachers, employed before the new rules came into place at end 2012, to claim this supplementary pension say if they retired at 65.

New emergency services recruits will retire at 60, get pension at 70

https://www.businesspost.ie/news/new-emergency-services-recruits-will-retire-60-get-pension-70-407665

TheDriver

The article is correct. The supplementary pension scheme is for teachers who could retire early e.g. the 35/55 rule but are on A PRSI hence part of their pension package was based on the state pension. So the rules state that A PRSI people can't be worse off than D PRSI people hence you get supplementary/disability/jobseekers etc i.e. the same amount to bring you up to the total. This is scrapped for new entrants because they can't retire early anyways and when they do, they get the teacher and the regular state pension from that age.

KOR101

TheDriver wrote: »

The article is correct. The supplementary pension scheme is for teachers who could retire early e.g. the 35/55 rule but are on A PRSI hence part of their pension package was based on the state pension. So the rules state that A PRSI people can't be worse off than D PRSI people hence you get supplementary/disability/jobseekers etc i.e. the same amount to bring you up to the total. This is scrapped for new entrants because they can't retire early anyways and when they do, they get the teacher and the regular state pension from that age.

In my case (A PRSI), I have the option of retiring at 60, but I won't have 40 years service then. Are you saying that I can retire at 60, and then claim a supplementary pension?

TheDriver

Depends on when u started. Its the pre 2004 grouping

KOR101

TheDriver wrote: »

Depends on when u started. Its the pre 2004 grouping

I started in the late 90's.

TheDriver

Then you qualify for 35/55 rule

KOR101

TheDriver wrote: »

Then you qualify for 35/55 rule

But that depends on having 35 years of actual teaching. I have a lot of notional service, so I guess the answer to my original question is that in the absence of the 35/55 rule, you can't claim the supplementary pension.

Thanks for your help anyway.

TheDriver

Apologies, I didn't realise the question. I suppose to be fair, you can't retire early in any role without taking quite a financial penalty. However there is a facility to recalc your pension if you do retire early. Note you only need 33 years of service as 2 years of college is taken into account but not for calc purposes.
P.S. to answer your q above, then you can retire at 60 once you have 33 years service done, claim 33/40 pension and draw the supplementary pension which in total should equal the 33/40 that a D PRSI person would have.

KOR101

But if you had 23 years actual service and 10 years notional and then decided to retire at 60 you would only get a 33/40 pension (class A) and no supplementary pension? Sorry if I'm going round in circles...

TheDriver

Sorry, I made an assumption that you were early 20s in 99. Then u don't satisfy the 55 part of the rule but I think you can go at 60 with the fraction of pension you have worked

rainbowtrout

KOR101 wrote: »

But if you had 23 years actual service and 10 years notional and then decided to retire at 60 you would only get a 33/40 pension (class A) and no supplementary pension? Sorry if I'm going round in circles...

It would be easier to answer the question if all the information was put in one post rather than drip feeding it a bit at a time.

It's all here anyway

https://www.education.ie/en/Education-Staff/Services/Retirement-Pensions/Teaching-Staff/Supplementary-Pensions/Supplementary-Pension-Explanatory-Note.pdf