HOW IS YOUR PENSION AND LUMP SUM CALCULATED?
1. MEMBERS OF ETB TEACHERS & EDUCATION SECTOR SUPERANNUATION SCHEMES
Your pension/lump sum is based mainly on:
Your total reckonable service (based on completed years and days of service)
Your pensionable remuneration (usually your salary and pensionable allowances at retirement
Lump Sum (retirement gratuity) of 3/80th of retiring pensionable remuneration for each year (based on completed years and days) of your service – subject to a maximum of 40 years’ service.
QUICK PENSION CALCULATOR:
Need a facility to calculate your own Pension and Lump sum in a jiffy?
Why not visit www.cspensions.gov.ie
This website hosts the Civil Service Pensions Modeller – but the requirements for pension and lump sum are quite similar to the ETB Pension Schemes. The website includes a Pensions Modeller – a self-service facility which allows public servants to enter basic salary and service details and receive an estimate of projected retirement benefits and certain other superannuation benefits. It allows public servants to model “what if” scenarios and also includes a Frequently Asked Questions section which gives basic information on pension scheme rules and benefits. The Department of Finance has advised that this Pensions Modeller may be of some benefit to employees of certain other public service bodies with similar pension schemes, including ETB.
Please note that the Pensions Modeller does not currently calculate pensions under the Single Public Service Pension Scheme (SPSPS).
How to Start the Pensions Modeller:
Click on the PENSIONS MODELLER icon to enter the programme which allows the inputting of different pension scenarios –
Then the page entitled “Welcome to the Pensions Modeller” will appear. To proceed, one must then read the Disclaimer and click on the “I Agree” button.
If you pay class D PRSI – see your payslip – (recruited before 6/4/1995) then click on the tab entitled:
Established Civil Servants recruited before 6th April, 1995.
If you pay class A PRSI – see your payslip – (recruited after 6/4/1995) then click on the tab entitled:
Established Civil Servants recruited on or after 6th April, 1995.
Programme will then ask certain relevant questions – e.g. name, date of birth, salary, service, etc. and the replies should be inputted in the boxes provided. It is not necessary to use one’s own name – but a name (any name) must be inputted before one is allowed to continue with the programme. Proceed through the questions and input the replies and at the end instant pension figures will be provided based on the replies put into the system.
2. MEMBERS OF SINGLE PUBLIC SERVICE PENSION SCHEME (SPSPS)
For information please visit: http://www.singlepensionscheme.gov.ie
Career Average –
Members accrue money amounts(referable amounts) towards pension and lump sum, calculated annually by reference to the fixed percentages of pensionable remuneration and linked to CPI increases. These amounts accumulate over the span of a career to produce the pension and lump sum on retirement.
The Scheme is integrated with the social welfare State Pension Contributory (SPC) in two ways:
- Pension accrual rates take account of the availability of the SPC at retirement;
- Pension contribution rates take account of the fact that SPC benefits provide part of the retirement income.
The lump sum is not affected as no social welfare lump sum is paid on retirement (i.e. social welfare benefits are payable in pension form only).