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Should I go public sector

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Comments

  • Registered Users, Registered Users 2 Posts: 7,917 ✭✭✭Former Former Former


    For anyone who joined the public sector pension scheme prior to 2013, your annual pension is calculated as 1/80th of your final salary for every year of service, plus a lump sump of 3/80.

    So, if you worked for the standard 40 years, you would retire on a pension of (40 x 1/80) = half your final salary, with a lump sump of (40 x 3/80) = 1.5 x your final salary. For someone who retires at a high grade, this adds up to big numbers.

    You do not have to work 40 years to qualify, you just get less of a pension at retirement.

    This all changed in 2013 so this poster could not have qualified for the 'gold-plated' pension for any job he was offered in 2025, regardless of his age.

    Post edited by Former Former Former on


  • Registered Users, Registered Users 2 Posts: 14,570 ✭✭✭✭Geuze


    You don't have to buy years.

    You may have a work pension from your jobs between age 22 and 45.

    That combined with the State Pension, combined with the (non-full) PS pension might be enough.



  • Registered Users, Registered Users 2, Paid Member Posts: 20,762 ✭✭✭✭Bass Reeves


    You do not have to buy back years generally., it's a no brainer if you can. You can buy them back over as long as you like up to retirement age or get tgem deductedfrom your lump sim( not a good idea).. They are treated as a pension contributions so are tax deductible. The earlier you start buying back the less it costs as its calculated at you lower salary. If you do not wish to buy back you can start an AVC to top up your pension.

    Slava Ukrainii



  • Registered Users, Registered Users 2 Posts: 244 ✭✭nearby_cheetah


    »For most workers, any pay increase faces a 16.5% marginal pension charge, on top of the 40% tax + 4.1% PRSI + 4% USC = 52%.

    So what?

    Is it your contention that a flat pension contribution should be taken across the gross salary and abolish the generous thresholds to avoid this marginal pension charge? Have you run that idea by your lower paid colleagues in your building?



  • Registered Users, Registered Users 2 Posts: 11,445 ✭✭✭✭martingriff


    I am very surprised you got an interview for Clare before Dublin as normally Dublin panels fill very quickly. There was a guy who worked with me and he was no 2 for Kerry and just got a promotion offer about a month before the panel was meant to end.

    So you could be good



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  • Registered Users, Registered Users 2 Posts: 10 stachOfPiroes


    I was next in line for Clare and asked would it be possible to be moved to the panel for Dublin. The last email I received from PAS was to inform me that I have been moved to an interview panel for Dublin and once candidates above or on equal merit to me on the interview panel have been interviewed I will then be called to interview for Dublin.



  • Registered Users, Registered Users 2, Paid Member Posts: 38,581 ✭✭✭✭Hotblack Desiato


    This is all very strange. Is it civil service or public service?

    Which location(s) did you apply for?

    I'm partial to your abracadabra,

    I'm raptured by the joy of it all.



  • Registered Users, Registered Users 2 Posts: 19,400 ✭✭✭✭kippy


    A bit here: https://www.ccpc.ie/consumers/money/pensions/public-service-pensions/

    But basicilly there are several different public sector pension schemes, the one your are in usually depends on the year you started working in the service.

    For most of the schemes (outside of Army/gardai and possibly a few more specific areas) you need to have worked 40 years in the serivce to qualify for a "full" pension. If you cannot work 40 years (you only get a job in the service after age 25 (retirement age is generally 65, again depending on start year and potentially other schemes) you wont get a full pension but you can however "buy back" years which some people do. There are specialists who will give you advise on whether this is a good idea or not - it really depends on a number of variables.

    More here; https://www.raisin.com/en-ie/pensions/public-service-pensions/



  • Registered Users, Registered Users 2, Paid Member Posts: 5,292 ✭✭✭budhabob


    Thank you, my wife is currently looking to transition to the PS as her current industry is too temperamental. I was in the public sector previously, and semi sector now with a DC pension which is at least easy to understand.



  • Registered Users, Registered Users 2 Posts: 10 stachOfPiroes


    Hi @Hotblack Desiato I was contacted about interviewing for a vacancy in Clare as they had my CV from a previous application. As mentioned, I flagged that I was in Dublin and unless it was a WFH role there was not much point in me interviewing. They suggested I interview anyway to which I did and was placed no'3 on a panel. However, as I found out when I contacted PAS to see if my position on the panel had moved, they said it had and that it was for Clare only as I interviewed for Clare.

    The latest correspondence I have was to let me know that I was moved to a panel for Dublin and my place on the panel will be decided after the next round of interviews taking place in the next couple of weeks.



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