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Really,are there that many teachers retiring in October?

ethical

According to one Teacher Union there is going to be an avalanche in October as regards teachers retiring and they are asking the Teaching Council to fast track the registrations of those that have degrees and are well down the road to getting their teacher qualifications so that the problem of teacher shortage is addressed and there is no issues when the retirements kick in.
I must admit this has sort of shocked me ,in the sense that I have not heard of that many thinking about retiring.What do you all reckon ,will many retire?

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rainbowtrout

Icsics wrote: »

She / He probably has his friends lined up for the hours, all nicely divided up to get as many bodies as possible hanging around clamouring for hours

No. The new teachers that have been hired will sub those hours for the month and then move on to their own contracts.

[Deleted User]

heldel00 wrote: »

So who has to wait until 68 to get pension?
If i wait until 65 i will have 45 years done! Jesus Christ....

So even if i decide to go at 60 i can't get any pension at all (neither DES nor state) until 65/68?
Started 2005. Was on system for the old better pre 2005 scheme but had a weekend job (fridays and saturdays) so ended up with a break in service. Could cry thinking about it.

You should know better by know you would be protected from the punitive measures aimed towards private sector workers. It is those workers that must wait until 68 to claim the Contributory Old Age Pension; meaning their already meagre and insecure occupational pensions will have to stretch further until the claimant can avail of the COAP at 68.

In theory, public sector workers must wait until 68 for the COAP portion of their pension as well. But rather than be subjected to the realities of an increasing Pension Age inflicted on the private sector, you can avail of a public sector supplementary pension that equates to the COAP amount from your date of retirement to the COAP Eligibility Age.

doc_17

rainbowtrout wrote: »

Incorrect. If they have 33 years served at 55, they go on 33/80 of final salary. They just have the option to go at 55 and have their pension paid out rather than waiting until 65.

So do pre-2004. The only difference in Post 95 - Pre 2004 and Post 2004 - Pre 2013 is the retirement age. Pre 2004 can go from 55 on and get pension immediately based on years served. They do not get a full pension if they do not have 40 years done. Post 2004 cannot get their pension until they are 65 regardless of how many years they have done.

I said if they have 35 years done they get they full pension? Not sure how I was incorrect? And post 04. And correct me if I’m wrong, but don’t post 04 now have to wait until they are 68 to get their full pension? Regardless of years served?

Sultan of Bling

doc_17 wrote:

I said if they have 35 years done they get they full pension? Not sure how I was incorrect? And post 04. And correct me if Iâ€™m wrong, but donâ€™t post 04 now have to wait until they are 68 to get their full pension? Regardless of years served?

They can retire at 65 and get their full ps pension. They will have to wait until theyre 68 to get state pension. However they will receive a supplementary pension between retirement and when they reach 68.

They can also choose to work until theyre 70 if they wish.

killbillvol2

doc_17 wrote: »

I said if they have 35 years done they get they full pension? Not sure how I was incorrect?

They don't get a full pension after 35 years. Full pension is after 40 years service.

deiseindublin

40 years is full service. They can retire after 35 years, but will only get 35/80th of their pension, not 40/80ths or half, so 43.75% of final pay, instead of 50%. Not a bad deal, lots are going early as far as I can see.

man_no_plan

At 33 years I think they can have two years added for time spent in training also.

If anyone is considering retirement I would reccomend that you seek proper advice from a financial adviser. Cornmarket and PSRA specialise in public sector.

Your other FAs wont necessarily have the full picture.

rainbowtrout

man_no_plan wrote: »

At 33 years I think they can have two years added for time spent in training also.

If anyone is considering retirement I would reccomend that you seek proper advice from a financial adviser. Cornmarket and PSRA specialise in public sector.

Your other FAs wont necessarily have the full picture.

Ya, the two years are added on to get to 35, but the calculation is still done on 33 years contributions.

rainbowtrout

doc_17 wrote: »

I said if they have 35 years done they get they full pension? Not sure how I was incorrect? And post 04. And correct me if I’m wrong, but don’t post 04 now have to wait until they are 68 to get their full pension? Regardless of years served?

Because you can retire after 35 years if you are pre-04, but your pension is based on 35 years service not 40. You don't get a full pension without 40 years service no matter what scheme you are in.

doc_17

rainbowtrout wrote: »

Because you can retire after 35 years if you are pre-04, but your pension is based on 35 years service not 40. You don't get a full pension without 40 years service no matter what scheme you are in.

Right, got it now. Thanks for clarifying. Can I also ask one more thing?

For post 04 they actually calculate 1/80 th of your salary of each year. So I was 7 hours in my first tear and it wasn’t until year 5 I had full hours so obviously I won’t get much for the first few years. Is it the same for pre 04?

mirrorwall14

doc_17 wrote: »

Right, got it now. Thanks for clarifying. Can I also ask one more thing?

For post 04 they actually calculate 1/80 th of your salary of each year. So I was 7 hours in my first tear and it wasn’t until year 5 I had full hours so obviously I won’t get much for the first few years. Is it the same for pre 04?

I don’t think it’s post 04 they do that on, isn’t that career average?

r93kaey5p2izun

doc_17 wrote: »

Right, got it now. Thanks for clarifying. Can I also ask one more thing?

For post 04 they actually calculate 1/80 th of your salary of each year. So I was 7 hours in my first tear and it wasn’t until year 5 I had full hours so obviously I won’t get much for the first few years. Is it the same for pre 04?

No it's 1/80 of final salary for each year of service if post 04 but pre 2013. The low hours in your early career will affect your service history (won't count as full year of service) but the low pay for those years won't be factored in to your pension calculation. For post 2013 they will be affected both by the reduced service caused by low hours, and by the lower pay, because their calculation is done on career average salary instead of final salary.

mirrorwall14

Tyson Loose Slab wrote: »

No it's 1/80 of final salary for each year of service if post 04 but pre 2013. The low hours in your early career will affect your service history (won't count as full year of service) but the low pay for those years won't be factored in to your pension calculation. For post 2013 they will be affected both by the reduced service caused by low hours, and by the lower pay, because their calculation is done on career average salary instead of final salary.

Thank you. Nearly had a heart attack lol

man_no_plan

doc_17 wrote: »

Right, got it now. Thanks for clarifying. Can I also ask one more thing?

For post 04 they actually calculate 1/80 th of your salary of each year. So I was 7 hours in my first tear and it wasn’t until year 5 I had full hours so obviously I won’t get much for the first few years. Is it the same for pre 04?

I take it you're at it a while. The notion that short hours or many years on TWT, the precarious employment you hear so much about, are new scenarios really irks me sometimes.

The pay issue is a real issue, of course, but I think trying both together gets a response of 'sure we all started that way.

2011abc

deiseindublin wrote: »

Not a bad deal, lots are going early as far as I can see.

Youd be mad not to .

2011abc

man_no_plan wrote: »

At 33 years I think they can have two years added for time spent in training also.

If anyone is considering retirement I would reccomend that you seek proper advice from a financial adviser. Cornmarket and PSRA specialise in public sector.

Your other FAs wont necessarily have the full picture.

Dont go near Cornmarket .The Maynooth crowd are the acknowledged experts and not in some dodgy sweetheart deal with union head office-or appearing on RTE exposes!

2011abc

rainbowtrout wrote: »

Incorrect. If they have 33 years served at 55, they go on 33/80 of final salary. They just have the option to go at 55 and have their pension paid out rather than waiting until 65.

So do pre-2004. The only difference in Post 95 - Pre 2004 and Post 2004 - Pre 2013 is the retirement age. Pre 2004 can go from 55 on and get pension immediately based on years served. They do not get a full pension if they do not have 40 years done. Post 2004 cannot get their pension until they are 65 regardless of how many years they have done.

Pre 95 paying class D PRSI get no state pension ,correct?Thanks

Kamu

2011abc wrote: »

Pre 95 paying class D PRSI get no state pension ,correct?Thanks

D stamps get no social benefits at all, including no state pension, but the calculation of their pension takes that into account.

rainbowtrout

2011abc wrote: »

Pre 95 paying class D PRSI get no state pension ,correct?Thanks

Ya, I don't think they come out much different financially, but it's not inclusive of state pension. I presume it goes back to the notion of a job for life in the public sector where social welfare support would not be needed.

Can't be too many teachers left in that bracket now. Last one into that scheme has to have a minimum of 25 years served. Another 8 or 9 years and there will be little or no teachers left on pre-95. In my experience very few are doing the full 40 years these days, unless they have to because of career break/other financial circumstances etc.

fed_u

Don't mean to derail but those of you that know of people going in your school's do you know if jobs have already been advertised? Subbing atm but obviously hoping for some contract...

The Wordress

I am primary and graduated in 2006. I would like to go at 60/62, all going well. What would my pension look like? Could I go then easily enough? Thank you!

emilymemily

ethical wrote: »

According to one Teacher Union there is going to be an avalanche in October as regards teachers retiring and they are asking the Teaching Council to fast track the registrations of those that have degrees and are well down the road to getting their teacher qualifications so that the problem of teacher shortage is addressed and there is no issues when the retirements kick in.
I must admit this has sort of shocked me ,in the sense that I have not heard of that many thinking about retiring.What do you all reckon ,will many retire?

Where are these teacher shortages? Ive been out of work since June and havnt had so much as an interview. I had one school contact me to see if I would be available for casual supervision, havnt heard anything from them since.
There have always been shortages for casual subbing in all subjects but it's such unreliable and unstable work.
Any permanent vacancies going will be snapped up by teachers who have been subbing for along time.
Fast tracking registration for student teachers will no doubt create further job insecurity for qualified teachers.

mirrorwall14

emilymemily wrote: »

Where are these teacher shortages? Ive been out of work since June and havnt had so much as an interview. I had one school contact me to see if I would be available for casual supervision, havnt heard anything from them since.
There have always been shortages for casual subbing in all subjects but it's such unreliable and unstable work.
Any permanent vacancies going will be snapped up by teachers who have been subbing for along time.
Fast tracking registration for student teachers will no doubt create further job insecurity for qualified teachers.

Depends on where you are. There’s been zero applicants for jobs in maths and Irish for example in my area in recent years

emilymemily

mirrorwall14 wrote: »

Depends on where you are. There’s been zero applicants for jobs in maths and Irish for example in my area in recent years

Yes I understand it's subject specific. I dont understand why the teaching council, unions, DES wont do anything to fix the problem.
College intake for over subscribed subjects should be once every 2 or 3 years and student teachers shouldnt be allowed to sub in these subjects imo.
In demand subjects should have a faster route to qualification or alternative route. Reinstating the one year Hdip for Irish, Maths and other in demand subjects for example would sort the problem out within a year.
No doubt if they fast track registration they will do it with all subjects, not just the ones most needed.

solerina

I saw four social media posts from local teachers about their retirement yesterday, so it’s quite possible a good few have retired across the country, hopefully this will allow some NQTs get their foot on the CID ladder.

wirelessdude01

solerina wrote: »

I saw four social media posts from local teachers about their retirement yesterday, so it’s quite possible a good few have retired across the country, hopefully this will allow some NQTs get their foot on the CID ladder.

I know of 4 who retired yesterday in one school alone.

dory

The Wordress wrote: »

I am primary and graduated in 2006. I would like to go at 60/62, all going well. What would my pension look like? Could I go then easily enough? Thank you!

2004 is the magic number so the short answer is no, unless you go under the cost neutral retire early scheme. From PRSA people:

Those who started after 04 & Before 2013

A1 PRSI Payers

Retirement age is 65

Can retire from 55 under Cost Neutral Early Retirement

The chart I have only says the percentages between 50 and 59 years of age, so I'd presume that's for the cohort before you (the can go from 50). As you can go from 55, then at 62 you'd have somewhere around 90% of the lump sum and retirement salary.

khalessi

dory wrote: »

2004 is the magic number so the short answer is no, unless you go under the cost neutral retire early scheme. From PRSA people:

Those who started after 04 & Before 2013

A1 PRSI Payers

Retirement age is 65

Can retire from 55 under Cost Neutral Early Retirement

The chart I have only says the percentages between 50 and 59 years of age, so I'd presume that's for the cohort before you (the can go from 50). As you can go from 55, then at 62 you'd have somewhere around 90% of the lump sum and retirement salary.

What is cost neutral early retirement?

2011abc

khalessi wrote: »

What is cost neutral early retirement?

Its leaving before youve either served 40 years or availed of the 55/33 deal .You will have your entitlements severely curtailed.Pension will be in many cases less than standard non contributory OAP.In fact you could even end up with less after 37 or 38 years than you would on the 55/33 deal (this is a chance to get out at min age 55 and 33 years served with 2 years service added for your college years )
I believe in the past in the case of critical career ending illness your service could be boosted by up to 6 and two thirds years but that may be a distant memory of a far more humane time pre-Medmark /50% sick leave etc

spurious

khalessi wrote: »

What is cost neutral early retirement?

I went cost neutral after almost 28 years. Pension 16k.