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February 2017

DES Revamp Pension Modeller

The Department of Education and Skills has announced that a Pensions Modeller (calculator) is now available for school staff who receive salary directly from the DES and are in membership of a pension scheme (subject to certain limitations which are detailed on the Modeller application).

This revised version will provide estimation of:

(a) Pension benefits at retirement age.
(b) Preserved benefits (either at age 60 or 65) for those who resign their post before reaching normal retirement age.
(c) Cost Neutral Early Retirement i.e. retirement benefits subject to actuarial reduction, when the eligibility criteria for normal voluntary retirement are not met.

The Modeller can also determine if the teacher has insufficient service to retire on a proposed date. An Irish language version of the Modeller is available.

Given the complexities of pension calculations, the Modeller is not capable of calculating all types of pensions which are payable by the DES. However, it is hoped it will be a useful tool in assisting teachers to review pension entitlements.

It is best suited to staff who have large blocks of uninterrupted service. As yet, it cannot calculate ill-health retirement, notional service or part-time credit.

See more at: www.education.ie/en/Education-Staff/Services/Retirement-Pensions/Pensions-Modeller/Pensions-Modeller.html#sthash.z39sUIHh.dpuf


Date: Wednesday, 8 February 17