Pension top-up scheme details published
|The scheme is a career-average defined benefit pension scheme, meaning that each year you bank amounts towards your retirement lump sum and your retirement pension.
A long-awaited circular on a facility for the purchase and transfer of retirement benefits for members of the Single Public Service Pension Scheme has been released by the Department of Public Expenditure and Reform (DPER).
The circular (15/2019) provides single scheme members with a facility to purchase additional amounts to top up their pensions, and transfer amounts from other Revenue-approved retirement schemes into the single scheme. The circular takes effect from 1st October 2019.
The facility is aimed at single service members whose career in the public service may be shortened due to joining mid-career, taking career breaks, other unpaid leave or who wish to transfer in pension benefits from outside employments.
The scheme is a career-average defined benefit pension scheme, meaning that each year you bank amounts towards your retirement lump sum and your retirement pension. Anyone who joined the public service on or after 1st January 2013 are members of the single scheme.
Supporting documentation relevant to the purchase and transfer scheme will be made available on the single scheme website closer to the scheme/circular’s date of effect.
The circular is available HERE.