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Single Public Pension Scheme

  • 15-09-2022 5:10pm
    Registered Users Posts: 25

    I have a question with the new Single Public Pension Scheme. In my current profession I cannot work past 60. I have been informed that this pension is calculated on my average 30 years earnings (gross pay). Can anyone inform me on how it's calculated and not a case of eg €45k x 30yrs/30=45k but this is not what I will be receiving. Thanks in advance



  • Registered Users Posts: 859 ✭✭✭Ciaran

    The idea is that the pension approximates:

    (Average salary - 2xState pension)x(Years worked)/80.

    So working for 40 years gives a pension of half the average salary minus the state pension. Inflation is taken into account in calculating the average salary BTW.

    The actual calculation is complicated but that gives a rough idea. The previous pension scheme uses final salary instead of average salary in the formula.

  • Registered Users Posts: 25 deiselad17

    Ciaran, thanks for that. Appreciated!