HSE Pension question from a newbie - estimates, transfer

Moe7

Hello all,

I'm a newbie to all this so thank you for your patience.

I worked for the HSE from 2007 to 2010 paying pension contributions during that time, I'm not sure of how much I paid in . I'm now based in Northern Ireland and paying into an NHS pension scheme. I still do some work in the Republic and pay tax in both jurisdictions.

I've recently been looking into starting a private pension or SIPP, my questions are as follows (and this follows prolonged Google searches and website reads).

1. Who do I contact as a first port of call to figure out how much I paid and into what pension pot ? What info will I need? Will my PPS number suffice or do I need more information from my various hospital HR departments?

2. Is the pension contribution transferrable to a private pension that I establish in the Republic?

3. I've been on various private pension websites with people offering to come to you where you are etc. Is anyone able to recommend an IMPARTIAL financial/pension advisor that understands taxation and pension across both sides of the border?

Thanking you all in advance for all the help

Geuze

PS pensions are unfunded.

There is no "pot".

There are no funds to transfer to any other DC pension.

This is well known.

No former PS in Ireland has a "pension pot" to transfer.

What you may have is a "preserved benefit".

It is not relevant how much you paid in.

It is relevant how long you made contributions for.

Jim2007

The bad news is that the state pension schemes in the British Isles are Pay As You go systems. Meaning that the contributions of current tax payers are used to pay current state pensioners - there is no pot for future generations. With the change in demographics it is clear that these systems are doomed and will have to be replaced going forward.

There was provisions under EU law to ensure that in cases where a person did not qualify for full state pension in any state, their contributions would be maximized to give them the best pension possible. But with BREXIT it remains to be seen what the new provisions will be.

The bottom line is that no matter how these pension systems are restructured or what provisions are made for future recognition of cross contributions are put in place, it’s unlikely your contributions will amount to very much, so assume you are starting from scratch.

Moe7

Moe7 wrote: »

1. Who do I contact as a first port of call to figure out how much I paid and into what pension pot ? What info will I need? Will my PPS number suffice or do I need more information from my various hospital HR departments?

2. Is the pension contribution transferrable to a private pension that I establish in the Republic?

3. I've been on various private pension websites with people offering to come to you where you are etc. Is anyone able to recommend an IMPARTIAL financial/pension advisor that understands taxation and pension across both sides of the border?

Didnt take long for the dire offtopics to flow in eh

1. The administrators of your pension scheme, google the employer and the phrase and you should find it quickly enough. If not PPSN, payroll number a safe bet

2. Nope. Youll have a preserved benefit, although there is a chance that you didnt pay in long enough to become an established member and may therefore be entitled to seek refund of contributions. In the long run, preserved benefits very likely worth keeping and claiming on the date of your nominal retirement under your old schemes rules. You may be able to get an estimate from the administrators.

3. Cant really recommend as such from experience as ive never had to use em but in terms of who does this stuff, cornmarket would have expertise.

Moe7

Thank you all for the replies, much appreciated.

Will check out corn Market but if any one has any recommendations re impartial advice with good cross border tax knowledge I'd appreciate it

Henry Ford III

Moe7 wrote: »

Thank you all for the replies, much appreciated.

Will check out corn Market but if any one has any recommendations re impartial advice with good cross border tax knowledge I'd appreciate it

I'd imagine finding someone with both UK and Irish authorisations might be difficult.

Geuze

Moe7 wrote: »

Hello all,



I worked for the HSE from 2007 to 2010 paying pension contributions during that time, I'm not sure of how much I paid in . I'm now based in Northern Ireland and paying into an NHS pension scheme. I still do some work in the Republic and pay tax in both jurisdictions.

I've recently been looking into starting a private pension or SIPP, my questions are as follows (and this follows prolonged Google searches and website reads).

1. Who do I contact as a first port of call to figure out how much I paid and into what pension pot ? What info will I need? Will my PPS number suffice or do I need more information from my various hospital HR departments?

2. Is the pension contribution transferrable to a private pension that I establish in the Republic?

HSE and NHS are both PS pensions, not State pensions.

HSE pensions are unfunded, there is no "personal pot".

They can not be transferred to any private pension.

They can be transferred to other PS pensions.

The amount you paid into the HSE pension is not really significant, but if you want to know, look at your payslips / P60s.

What is significant in Irish PS pensions is the length of service, and the length of pension contributions.

You may have a preserved benefit from the HSE pension.

Make sure the HSE pension people know your contact details.

Moe7

I'd insert a clapping gif if I knew how, THANK YOU Geuze!

What is a PS pension and can that be transferred to my NHS pension?

coylemj

Moe7 wrote: »

What is a PS pension and can that be transferred to my NHS pension?

'PS' stands for public service. When Geuze suggested that a PS pension could be transferred to another PS pension, what he meant was that the (years of) service could be transferred. Because a PS pension cannot be monetized since there is no capital sum (sitting in a pension fund) associated with your preserved benefit. As there would be with a private sector pension.

But I can't see any way that you could transfer any service or other entitlements to an NHS pension from the HSE. Grades, pay scales, service increments etc. are all different across the two bodies, it would simply be impossible. And for it to happen, the HSE would have to hand over a lump of cash to the NHS, money that (as I mentioned above) simply does not exist.

Moe7

Thank you coylemj, I (finally) get it now, no pot as stated by others in earlier threads. Will get in touch and make sure they know how to reach me in case I'm eligible for a cent or two come retirement.

1641

Moe7 wrote: »

Hello all,

I'm a newbie to all this so thank you for your patience.

I worked for the HSE from 2007 to 2010 paying pension contributions during that time, I'm not sure of how much I paid in . I'm now based in Northern Ireland and paying into an NHS pension scheme.)

Provided you served at least 2 years full-time (or equivalent) you became a member of the public service pension scheme. You are eligible for a preserved pension at normal pension age, which for you would be 65. You must apply to the HSE for it - they will not track you down. You would also have been a member of the spouse and children's scheme, so if a spouse (or dependent children) survive you they would have some benefit. As you were only a member for 3 years, the benefits in either case are likely to be small. You can read more about the scheme here:
http://www.cspensions.gov.ie/faq2.pdf

Refunds are only available if service is less than 2 years.


You would have also have been paying PRSI during this time. This counts towards the state pension. Whether this length of service would provide any Irish state pension at pension age would depend on the rules in place at that time. If not, you may be abe to combine them with your UK record towards a UK state pension. There are currently reciprocal arrangements in place but who knows about the future. Don't lose track of of your PRSI - your Irish PPS number is key to this.

Moe7

Hi 1641, this is great news, while I paid into a pension for only 3 years I continued to work as a contractor and have been paying prsi for the past 13 years so hopefully that's worth something. Thank you for the help. Now the challenge to figure out who I contact and how to update my details begins

coylemj

Moe7 wrote: »

Now the challenge to figure out who I contact and how to update my details begins

There’s no need to contact anyone. As poster 1641 said, they won’t come looking for you, you will need to apply for the preserved benefit when the time comes. Just be sure you have recorded your HSE staff number and dates of service. And your Irish PPS number.