Public Service Temp Contract - What's my take home and pension likely to be

onrail

I've been offered a 5-year specific purpose contract with a Local Authority on a salary scale of c.€39,000 - €59,000. I'd be entering from the private sector, so starting on the bottom rung of the ladder.

The permanent job which I originally applied for, it was stated that superannuation contributions are 3.5% of net pensionable remuneration. It's not been made clear what the pension position is on this temp position, but I'll assume the same for now.

To cut through all the noise, I'm wondering whether anyone would be able to tell me:

- What my monthly take home would likely be;

- If the 3.5% pension contribution is required, what would my PS pension entitlement/situation be after the 5 years? I've a small private/workplace pension at the moment where I contribute 7% and 6% put in by my employer.

cyning

Your pension will be 3% of your gross pay and 3.5% of your “nett” pay: that is 3.5% of your weekly pay less twice the old age pension rate.

As to what it’s worth: it’s a career averaging pension so not defined. https://singlepensionscheme.gov.ie/for-members/scheme-information/single-scheme-estimator-tool/ Check out here to estimate it.

onrail

cyning wrote: »

Your pension will be 3% of your gross pay and 3.5% of your “nett” pay: that is 3.5% of your weekly pay less twice the old age pension rate.

As to what it’s worth: it’s a career averaging pension so not defined. https://singlepensionscheme.gov.ie/for-members/scheme-information/single-scheme-estimator-tool/ Check out here to estimate it.

Sorry, I'm a bit slow on the uptake but the 3% and 3.5% still isn't overly clear to me. Is it 3% of gross, plus a further 3.5% of nett?

The calculator doesn't really apply to a temporary scenario, so I'm still a small bit stumped by that too.

maneno

onrail wrote: »

Sorry, I'm a bit slow on the uptake but the 3% and 3.5% still isn't overly clear to me. Is it 3% of gross, plus a further 3.5% of nett?

The calculator doesn't really apply to a temporary scenario, so I'm still a small bit stumped by that too.

it doesnt matter whether its a temp role or cid, the calculation is the same, good luck in your new job

onrail

maneno wrote: »

it doesnt matter whether its a temp role or cid, the calculation is the same, good luck in your new job

Right, looking through the spreadsheet, I'll pay around €1700, or 4.4% of gross in contributions over 12 months. Benefit is €113 pa + €731 lump sum, so say €2652 over retirement? Seem legit?

No sure if I'll take the offer tbh. Biggish drop down in salary for not a massive amount of security!

Ciaran

The lump sum you build up each year is 3/80 of your salary that year so a salary of 39,000 would build up a lump sum of 1,462 in a year. I suspect the annual pension figure might be double what you have there as well but I don't have the formula to hand.