HOW ARE YOUR PENSION/SUPERANNUATION CONTRIBUTIONS CALCULATED?
1. MEMBERS OF ETB TEACHERS & EDUCATION SECTOR SUPERANNUATION SCHEMES:
% contributions are deducted from your salary as follows:
3.5% towards your own personal pension (for Class A PRSI contributors this is 3.5% of net salary – ie gross salary less SPC x 2)
1.5% towards your lump sum
1.5% towards your Spouses/Civil Partners and Children’s Pension
2. MEMBERS OF SINGLE PUBLIC SERVICE PENSION SCHEME – (SPSPS):
|Contribution Rate (3.5% + 3%)||Percentage of net pensionable remuneration||Percentage of pensionable remuneration|
The Scheme is integrated with the social welfare system and the contribution rate takes account of the (State Pension Contributory) SPC benefits which are being contributed to by the member and the employer by way of social insurance contributions.
In each pay period an amount equivalent to 3.5% of net pensionable remuneration PLUS 3% of pensionable remuneration will be deducted as the member’s contribution under the Scheme.
Pensionable remuneration means basic pay that is reckonable for pension purposes, generally comprising salary and pensionable allowances, but excluding overtime.
Net pensionable remuneration means pensionable remuneration less twice the value at the time of the SPC for a single adult without dependents.