Public Sector Superannuation schemes can be quite complex and difficult to understand. Our team of Advisors have vast experience with advising public servants on these schemes.
Below is some of the main financial queries which we help our clients calculate and understand:
The majority of Civil Servants who commenced full-time employment in a public sector position is a member of one of the 2 main Superannuation schemes.
Both of these schemes provide life insurance, sick pay entitlements and pension benefits to its members.In order to qualify for these benefits, contributions must be made to earn these benefits.
The 2 main compulsory contributions are as follows.
For each payslip, a contribution of roughly 5% of your Gross (before Tax) earnings is made. These are compulsory contributions and are usually visible on each payslip (right-hand side). The deductions can be named differently on your payslip, depending on which department you are being paid from. The most popular titles for these deductions are:
Another compulsory deduction that is visible on most payslips is called Spouses and Children’s benefit. This can often be named ‘1.5% Sp &Ch’ on your payslip. This deduction entitles you to a Death-in-Service benefit (see below)
Every year you work, you earn entitlements as a public servant from whichever superannuation scheme you are a member of.
The benefits and entitlements are calculated differently with each scheme. Generally speaking, the Pre-2013 scheme benefits are more significant, particularly when comparing the pension entitlements.
The tax-free lump sum and pension entitlements are roughly 40% more with the Pre 2013 scheme than the post-2013 scheme.
Are you looking to boost your retirement savings in Ireland? If the prospect of a comfortable and secure future is on your mind, Additional Voluntary
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To schedule a call with one of our Qualified Financial Advisors.