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How much does one forego by opting out of S & S?

  • 28-08-2017 10:28PM
    #1
    ethical
    Registered Users, Registered Users 2 Posts: 744 ✭✭✭


    Just a query from a colleague who is an ASTI member and who was a member of the S & S scheme since its inception.
    This teacher now wants to opt out as the opportunity has been given by the employer but all pension contributions paid into the scheme until now will have to be given up (which in my opinion is "fraud" by the employer).
    Perhaps a silly question but is there a ball point figure that will be lost by the teacher in question,what will the average loss be?
    Thanks for any helpful information given.


Comments

  • #2
    ccazza
    Registered Users, Registered Users 2 Posts: 272 ✭✭ccazza


    ethical wrote: »
    Just a query from a colleague who is an ASTI member and who was a member of the S & S scheme since its inception.
    This teacher now wants to opt out as the opportunity has been given by the employer but all pension contributions paid into the scheme until now will have to be given up (which in my opinion is "fraud" by the employer).
    Perhaps a silly question but is there a ball point figure that will be lost by the teacher in question,what will the average loss be?
    Thanks for any helpful information given.

    At the moment €67.80 gross is deducted each pay day. For new people opting out this amount is going to vary with wage increases gained. It works out about €14 net a week.


  • #3
    Bean Scoile
    Closed Accounts Posts: 83 ✭✭Bean Scoile


    There's also the pension reduction for those who have opted out. It is around €800 per year.


  • #4
    spurious
    Moderators, Category Moderators, Education Moderators, Paid Member Posts: 27,438 CMod ✭✭✭✭spurious


    Bean Scoile wrote: »
    There's also the pension reduction for those who have opted out. It is around €800 per year.

    Worth it at any price to get out of S&S imo.


  • #5
    MrJones1973
    Closed Accounts Posts: 997 ✭✭✭MrJones1973


    But presumably a lot of the loss is offset by the allowance we all get?


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