Teachers who began work since 1 January 2013 are members of the Single Pension Scheme. This scheme, across the public service, bases pensions on career average earnings. The Single 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.
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. firstname.lastname@example.org or call 087 737 5346.
A webinar hosted by INTO and Cornmarket took place on 14 June “The Single Scheme – What you Need to Know and Do” and is available here to view:
Pension Scheme Estimator
This tool has been designed and developed by independent actuaries Trident Consulting exclusively for teachers in the Single Public Service Pension Scheme. It will assist you in estimating your retirement benefits. The data you input into this estimator will not be stored by INTO or Cornmarket and will not be used for any other purpose – click here for estimator.