How is Additional Superan. Contribution calculated

Treppen

Just following on from pension talk on marking thread, I'm wondering what's the maths on this?

Is it a % of Basic pay + Allowances?

I'm pre 2011 entrant.

Random sample

Mine is just under 5%, if that helps at all. That’s just the ASC.

Treppen

https://www.boards.ie/discussion/comment/119387745#Comment_119387745

5% of your base+allowances?

Random sample

https://www.boards.ie/discussion/comment/119391065#Comment_119391065

Yes

Geuze

https://www.boards.ie/discussion/2058255935/how-is-additional-superan-contribution-calculated

ASC rates are as follows:

ASC Thresholds and Rates

There are two different sets of rates depending on the pension scheme applicable to an employee:

Rate 1: Single Public Service Pension Scheme (“Single Scheme”) – in general, new entrants to the Public Service on or after 1 January 2013.

Rate 2: Standard Accrual members of Pre-2013 Public Service Pension Schemes (pre-existing schemes).

Main Employer Thresholds & Rates 2020 & 2021

Annual Threshold Monthly Threshold                    Weekly Threshold                       Rate 1 Rate 2

First €34,500   First €2,875 First €663.46 0% 0%

Next €25,500Next €2,125Next €490.38 3.33% 10.0%

Over €60,000Over €5,000 Over €1,153.84 3.5% 10.5%

Treppen

https://www.boards.ie/discussion/comment/119392366#Comment_119392366

Ok so lemmie try some maths and see if I'm right.

Say I'm on 50k, and on the Rate 2 line as I'm pre 2013.

Then first €34500 is 0% .

Remaining €15,500 is 10% .

So for the year I would pay €1550.

Or €129.17 per month .

Is that correct?

Geuze

Yes.

Do a quick search for ASC rates 2022 to see better tables.

Note that you get tax relief on pension conts, incl the ASC.

When you hear the media or SF referring to "gold-plated" pensions, they tend to ignore the two pension conts of 6.5% and 10%.

The marginal rate on extra earnings is 16.5% pension cont.

gaiscioch

Do we have to claim tax relief on our ASC contribution in the same way we have to claim it on our AVC/PRSA contributions - or is the tax relief on the ASC deduction automatically applied by Revenue?

Geuze

Automatically applied.

The pssc ( civil service payroll) has a good explainer on it in their document " your payslip explained".

Bottom right of the homepage pssc.gov.ie