Teacher Pension Calculator

newfrontier · 07-08-2014 2:29pm #1

Found this link online http://www.cspensions.gov.ie and it is for calculating your pension if you are in the civil service, is this applicable to us teachers and has anyone used it to calculate their pension entitlements? Also allows you to purchase AVCs to bring up your pension to a decent standard? Is it actually worth paying money in now for a higher benefit in the future? (If you had any money would you do it?)

TheDriver · 07-08-2014 3:05pm

It doesn't take into account the 55/35 rule but is a good indicator all the same

evolving_doors · 07-08-2014 3:44pm

TheDriver wrote: »

It doesn't take into account the 55/35 rule but is a good indicator all the same

whats the 55/35 rule?

...briefly, as I bet its probably more complicated than its supposed to be knowing the dept

rainbowtrout · 07-08-2014 5:52pm

Retire at 55 with 35 years completed. That's 33 years teaching plus 2 years allowed for professional qualifications.

I dunno does it apply to post 2004 teachers.

TheDriver · 07-08-2014 6:26pm

Doesn't apply to post 04 employees, only pre 04.

Redo22 · 07-08-2014 6:32pm

What are the terms for post 2004 teachers but before 2011 changes?

rainbowtrout · 07-08-2014 6:59pm

Redo22 wrote: »

What are the terms for post 2004 teachers but before 2011 changes?

Work until 65 I think.

TheDriver · 07-08-2014 8:04pm

I think they can go at 60 but need to read into it. Everyone can have an actuarial adjusted pension at certain age ranges....

rainbowtrout · 07-08-2014 8:35pm

TheDriver wrote: »

I think they can go at 60 but need to read into it. Everyone can have an actuarial adjusted pension at certain age ranges....

The cost neutral early retirement thing?

TheDriver · 07-08-2014 9:20pm

That's the one i think. It can be taken at 50 or over.....

spurious · 07-08-2014 9:55pm

TheDriver wrote: »

That's the one i think. It can be taken at 50 or over.....

Yes it can. I went after 27 point something reckonable years.
I have a very small pension, but am allowed work, which is a big plus as I don't intend to sit around doing nothing. I'm also a long way off paying tax at the moment.
I don't regret it in the slightest, even if money is a bit tight.

TheDriver · 07-08-2014 10:59pm

Its amazing how we have presumptions about each others ages!! I am still recovering from my 30th!

rainbowtrout · 07-08-2014 11:01pm

TheDriver wrote: »

Its amazing how we have presumptions about each others ages!! I am still recovering from my 30th!

:-D 30! I made the assumption that you were older than me cos you were DP!

evolving_doors · 08-08-2014 12:15am

rainbowtrout wrote: »

:-D 30! I made the assumption that you were older than me cos you were DP!

Think he means he's still recovering from his 30th year as DP....wakka wakka (although he probably won't get the wakka wakka thing if he is only 30...).

Just wondering does pension count full years only, so basically is it pro rata..e.g. 2years of 11hrs = 1 year service for pension?..

rainbowtrout · 08-08-2014 12:18am

Armelodie wrote: »

Think he means he's still recovering from his 30th year as DP....wakka wakka (although he probably won't get the wakka wakka thing if he is only 30...).

Just wondering does pension count full years only, so basically is it pro rata..e.g. 2years of 11hrs = 1 year service for pension?..

Brain is on holidays until August 25th!!!

I think 11 hours only counts as half a year. I remember one of the teachers I work with went on job share for two years and her saying something about it each of the years only counting for half a year, so she was going to look into buying back a year, or an extra year on her AVC down the line.

solerina · 08-08-2014 2:05pm

rainbowtrout wrote: »

Retire at 55 with 35 years completed. That's 33 years teaching plus 2 years allowed for professional qualifications.

I dunno does it apply to post 2004 teachers.

I like the sound of that....didn't know it existed !!

rainbowtrout · 08-08-2014 2:12pm

solerina wrote: »

I like the sound of that....didn't know it existed !!

Ya you would obviously be going on a smaller pension 35/40 * 1/80 and same deal on lump sum but a lot in my staff room feel it would be worth it in terms of free time maybe just working part time in a less stressful job if money was needed.

TheDriver · 08-08-2014 2:12pm

Its great and you can go after 33 years as it counts 2 college years. However you get 33/40 of half your final salary as pension so about 23k maybe? Not bad if u have no mortgage or kids in college

2011abc · 08-08-2014 2:16pm

They REALLY screw you if you go early .Based on some pretty quick casual calculations for me Id get 28k at around 60/max contributions dropping around two to three grand per year if I left early until by the time you were 50 youd be not much better off than standard non contributory OAP(10k).(Would a Class D PRSI person even get this !?Scarey to think that there are thousands of teachers , myself included, with a couple of decades of service under their belts , WHO WOULD GET NO DOLE if unemployed in the morning!) (Interesting info from Spurious that youre allowed work)

Of course all this is for someone twenty years into their careers .For the poor unfortunates only starting out ...well...best of luck.(Sincerely)

And lest I sound smug the government may decide on a whim now apparently to raise the pension 'contribution' .Race to the bottom !Do you remember when we used to feel sorry for people who retired ?!Oh man !

2011abc · 08-08-2014 2:18pm

TheDriver wrote: »

23k maybe? Not bad if u have no mortgage or kids in college

Big IF for most folks around the age that would want to avail of it alas.

rainbowtrout · 08-08-2014 2:25pm

2011abc wrote: »

They REALLY screw you if you go early .Based on some pretty quick casual calculations for me Id get 28k at around 60/max contributions dropping around two to three grand per year if I left early until by the time you were 50 youd be not much better off than standard non contributory OAP(10k).(Would a Class D PRSI person even get this !?Scarey to think that there are thousands of teachers , myself included, with a couple of decades of service under their belts , WHO WOULD GET NO DOLE if unemployed in the morning!) (Interesting info from Spurious that youre allowed work)

Of course all this is for someone twenty years into their careers .For the poor unfortunates only starting out ...well...best of luck.(Sincerely)

And lest I sound smug the government may decide on a whim now apparently to raise the pension 'contribution' .Race to the bottom !Do you remember when we used to feel sorry for people who retired ?!Oh man !

What do you mean by they really screw you? You work less years, you make less contributions, you get a smaller pension.

Class D pay lower PRSI contributions than Class A hence not being eligible for social welfare, probably stemming from the fact that public sector jobs were traditionally permanent and people don't get fired or made redundant. So no need for dole payment.

Class D PRSI teachers are pre 1995. I'd find it hard to believe at this stage that there were any teachers working for 20+ years and not permanent.

solerina · 08-08-2014 2:55pm

rainbowtrout wrote: »

Ya you would obviously be going on a smaller pension 35/40 * 1/80 and same deal on lump sum but a lot in my staff room feel it would be worth it in terms of free time maybe just working part time in a less stressful job if money was needed.

I def think it would be worth it, our conditions have disimproved so much in the last 5 years I dread to think what might happen in the next 10-20. I am paying AVCs ( I know some think that's a bad idea, but its my choice to keep paying, at the moment anyway) so I can retire at 58...so hopefully I wont be too badly off as I will still have mortgage repayments to make (unless the lump sum could help with that).

2011abc · 08-08-2014 3:01pm

rainbowtrout wrote: »

What do you mean by they really screw you? You work less years, you make less contributions, you get a smaller pension.

Class D pay lower PRSI contributions than Class A hence not being eligible for social welfare, probably stemming from the fact that public sector jobs were traditionally permanent and people don't get fired or made redundant. So no need for dole payment.

Class D PRSI teachers are pre 1995. I'd find it hard to believe at this stage that there were any teachers working for 20+ years and not permanent.

You make slightly less contributions and get significantly less pension .

" 'Traditionally' people dont get fired or made redundant ."Even ten years ago there were always a certain number of teachers who were struggling (or being made to struggle) who were as good as forced to take early retirement .With changing societal attitudes and weakening or non existent 'defences'(Unions , TC etc ) this will snowball .You dont need a crystal ball -just look at England and you can be fairly sure thats where we will be at in five years time .

A permanent teacher has by no means a 'job for life' anymore .

rainbowtrout · 08-08-2014 3:25pm

solerina wrote: »

I def think it would be worth it, our conditions have disimproved so much in the last 5 years I dread to think what might happen in the next 10-20. I am paying AVCs ( I know some think that's a bad idea, but its my choice to keep paying, at the moment anyway) so I can retire at 58...so hopefully I wont be too badly off as I will still have mortgage repayments to make (unless the lump sum could help with that).

I'm similar. Have an AVC, mainly so that if I want to go early I have the choice and a back up plan.

rainbowtrout · 08-08-2014 3:26pm

2011abc wrote: »

You make slightly less contributions and get significantly less pension .

" 'Traditionally' people dont get fired or made redundant ."Even ten years ago there were always a certain number of teachers who were struggling (or being made to struggle) who were as good as forced to take early retirement .With changing societal attitudes and weakening or non existent 'defences'(Unions , TC etc ) this will snowball .You dont need a crystal ball -just look at England and you can be fairly sure thats where we will be at in five years time .

A permanent teacher has by no means a 'job for life' anymore .

You're rolling early retirement in with unemployment. They're not the same thing.

TheDriver · 08-08-2014 3:34pm

Don't forget a prsi gets a supplementary pension until you can get the contributory oap so all works out the same

solerina · 08-08-2014 3:40pm

TheDriver wrote: »

Don't forget a prsi gets a supplementary pension until you can get the contributory oap so all works out the same

One pension broker came into our school and panic ensued as she neglected to mention this bit and everyone who wanted to go early thought they couldn't as they wouldn't have this 'top up'...I didn't some research and found out that she had misled us. Relief all round !!

spurious · 08-08-2014 4:07pm

2011abc wrote: »

They REALLY screw you if you go early .Based on some pretty quick casual calculations for me Id get 28k at around 60/max contributions dropping around two to three grand per year if I left early until by the time you were 50 youd be not much better off than standard non contributory OAP(10k).(Would a Class D PRSI person even get this !?Scarey to think that there are thousands of teachers , myself included, with a couple of decades of service under their belts , WHO WOULD GET NO DOLE if unemployed in the morning!) (Interesting info from Spurious that youre allowed work)

I would be on slightly more than the non-contributory, but I haven't heard casual and aggressive bad language since January 1st and it was a delight I could have heard a couple of hundred times a day during the years I spent at my 'vocation'.

There mightn't be much money, but still no regrets. Hoping to take up work as a dispatcher part-time, doing hours that suit me. No having to bring work home, none of all the teaching add-ons.

I do realise not everyone teaches in the sorts of places I did, but almost 30 years was enough, thanks.

TheDriver wrote: »

Don't forget a prsi gets a supplementary pension until you can get the contributory oap so all works out the same

This. I just have to get A stamps, which the dispatcher job will provide.

PeteFalk78 · 08-08-2014 4:22pm

I'm a real novice with this sort of stuff. I started in December 2000.

How do I know which PRSI category I am in?
Would I be entitled to social welfare old age pension also?

rainbowtrout · 08-08-2014 4:34pm

PeteFalk78 wrote: »

I'm a real novice with this sort of stuff. I started in December 2000.

How do I know which PRSI category I am in?
Would I be entitled to social welfare old age pension also?

Anyone who started after 1995 is Class A PRSI.

When you get your pension it will include the old age pension.

The going at 55 thing will apply to you or anytime before 65, if you don't have the 40 years done then you will get your pension as a fraction of that.

Simple calculation:

If you started at 22 and taught to 62 you would get full pension.

Each year is 1/80 of final salary multiplied by number of years worked.

So 1/80 * 40 = 40/80 ; pension equals half final salary.

Lump sum payment calculated same way, but calculated as 3/80 for each year worked, so max lump sum is 1.5 times final salary.

So if your final salary is 60 k, 40 years working will provide an annual pension of 30k and a lump sum of 90k.

This 30k includes the OAP of 12k.

The OAP portion is only paid out at 66 (or will be 68 by the time we retire). So if you went at 62, then your pension would be 18k as OAP won't be paid out until you are of age. But those paying the Class A PRSI are entitled to what is called the supplementary pension, which is paid in place of the OAP until you are of age. So essentially it's the same thing and you would have your pension of 30k - 18k from public service pension and 12k from supplementary pension, until you are entitled to OAP.

If you go before 40 years, you work out the fraction of that. Going to assume final pay is still the same.

35 years (going at 57 from above example) 35/80 * 40 of 60 k which would be pension of €26250 and lump sum of 78750.

I started in 2001 so would be similar.

PeteFalk78 · 08-08-2014 4:46pm

Thank you very much rainbow. Much appreciated.

Teacher Pension Calculator

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