What are the terms of the Single Public Service Pension scheme?
Teachers who began work on or after 1 January 2013 are members of the Single Pension Scheme. This scheme, across the public service, bases pensions on career average earnings. The Single Pension Scheme was introduced to cut back on the costs to the State and it is clear that Single Scheme Pensions will be less valuable than the older ‘final salary’ pensions.
Legislation: The Public Service Pensions (Single Scheme and Other Provisions) Act 2012
The INTO published a supplement on the Single Service Pension scheme in the October 2022 edition of InTouch. Click here (PDF) to access the supplement.
The INTO also held a webinar on 26 October 2022 outlining the scheme and explaining the pension benefit statements which are issued to members of the scheme.
How to calculate your potential retirement benefits
The INTO in conjunction with our insurance broker Cornmarket has developed an online pension estimator to guide members in assessing their potential retirement benefits.
The tool has been designed by independent actuaries Trident Consulting exclusively for teachers in the Single Public Service Pension Scheme.
Note, macros must be enabled on Excel. Data inputted will not be stored by INTO or Cornmarket and will not be used for any other purpose. Click here for the estimator.
Are you considering augmenting your pension?
Members of the Single Scheme are encouraged to augment their pensions in order to guarantee better income in retirement. The earlier this is done in your career the better, and the sooner tax advantages can be availed of.
Advice on augmenting your pension is available from Trevor Gardiner, Education Market Manager at Cornmarket Group Financial Services Ltd. trevor.gardiner@cornmarket.ie or call 087 737 5346.
A webinar hosted by INTO and Cornmarket took place on 14 June 2022 “The Single Scheme – What you Need to Know and Do” and is available here to view:
