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SPSS & Quitting the Public Sector

  • 17-07-2021 9:05pm
    #1
    Cliona2012
    Registered Users Posts: 159 ✭✭


    Hi there,

    What happens to my pension contributions under the SPSS if one were to quit a public sector job to go into the private sector after 5 years? Would I be able to get my payments back? (I don't think so!) Otherwise, how would I figure out how much of a pension I'd be entitled to when I retire in 30-odd years?



Comments

  • #2
    howardmarks
    Registered Users, Registered Users 2 Posts: 641 ✭✭✭howardmarks


    You can only take them out within 2 years. After that not.

    I don't know the answer to what happens going forward sorry.



  • #3
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    You may be able to work out what it is worth now, and the hope would be increases in pay for your grade(s) match inflation in the future.

    It's based on a career averaged salary so is very particular to your situ. See if this helps:

    https://singlepensionscheme.gov.ie/for-members/scheme-information/single-scheme-estimator-tool/



  • #4
    BrianD3
    Registered Users, Registered Users 2 Posts: 8,447 ✭✭✭BrianD3


    Google deferred benefit + single scheme. There may also be a calculator online as per the link above.

    You'll get a pension at normal retirement age (age 67 or 68?) based on your career average salary and 5 years' service. A very small pension in other words.



  • #5
    Cliona2012
    Registered Users Posts: 159 ✭✭Cliona2012


    Thank-you all



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