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Single Pension Scheme

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  • 18-10-2017 11:57pm
    #1
    Board106
    Registered Users Posts: 2 ✭


    I am on the Single Pension Scheme which applies to public servants post 2012 entry.

    I enquired about buying service recently to ensure that I'll have my maximum 40 years of service at retirement. I was informed that this option has not been set up yet for employees under this scheme. Is this correct? Has anyone else tried?

    My difficulty is that with previous Pension schemes, the cost of buying service is calculated on your salary when you applied. If you apply earlier in your career, it'll likely cost you less than if you were to apply 10 years later (assuming you receive increments). If this option isn't available for employees under the Single Pension Scheme now, the cost is increasing each year.


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  • Options
    #2
    Lumina
    Closed Accounts Posts: 125 ✭✭Lumina


    It's impossible at present. I tried. You would be best emailing the Minister for Finance to encourage him to hurry up.


  • Options
    #3
    nhg
    Registered Users Posts: 1,000 ✭✭✭nhg


    Rather than starting a new thread I decided to pull this thread back up that I came across when searching for information myself to which the information below relates to....

    DPER Circular 15 of 2019 came into effect from 1st of October,2019 which is a facility introduced under the Single Public Service Pension Scheme to permit eligible members to:
    Use funds from their own resources to purchase extra benefits under this Scheme;
    And/or
    Direct payment of a Transfer Value into the Scheme from an eligible external pension arrangement

    I will have the 2 years Vesting Period completed at the end of August.

    I have emailed information to our pension department in relation to transferring across a PRSA that I had started years ago but hadn't paid any contributions into for a good number years due to other family/financial commitments and waiting for a reply to that.

    Prior to joining the Public Service i have over 30 years PRSI contributions paid in private sector plus the contributions I continue to pay so should be okay in relation to the Contributory Pension side of things and when I reach the proposed retirement age of 70 I will have 20 years & 6 mths of service built up so if I can afford it I will look at buying Notional Service Contributions.

    Hence I was here researching information...


  • Options
    #4
    Looptheloop30
    Registered Users Posts: 213 ✭✭Looptheloop30


    Just started looking into this myself. Hadn't spotted that new Circular but to be honest my head is fried reading through this kind of thing.

    By the time I hit 68 I'll have 37years service. Is this 'purchasing extra benefits' in this scheme effectively the same as purchasing notional service? If it is I want to start it sooner rather than later

    Or are AVCs a better play?


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