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Pension following working shorter hours?

  • 11-03-2018 10:45pm
    #1
    Zipppy
    Registered Users, Registered Users 2 Posts: 2,055 ✭✭✭


    Friend is in public service..hes debating going on a 3 day week when he hits 60 .. and retiring around 63.
    Will his pension be based on his lowered salary or full salary?
    E.g. if his salary is say 50k and on a 3 day week he earns only 30k..which figure decides his Pension?
    I reckon it's the 30k but would love to hear opinions......


Comments

  • #2
    Riskymove
    Registered Users, Registered Users 2 Posts: 10,900 ✭✭✭✭Riskymove


    In the Civil Service, if he had full servcie (40 years) and then went on shorter week, his pension when he retired would be based on the 50k

    I dont know if all PS schemes are the same but they likely are

    OBVIOUSLY he should get the appropriate advice from his pension scheme to confirm

    Many people go shorther working time near retirement in order to start getting used to not working fulltime. They wouldn't be doing this if they were significantly reducing their pension.


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