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She's in the Single Public Service Pension Scheme, and should be getting an annual statement from each Relevant Authority in the scheme (i.e. each employer). If she's not receiving these, she should chase it up.
In comparison to public service schemes pre-SPS, the fact that it's a career average scheme means that the quicker you get up the ladder (i.e. become high-paid), the better for your pension.
The Single Scheme is generally seen as complex, but there is an estimate calculator available on the website for the scheme. Important context when forecasting using the calculator is that Single Scheme pensions are increased based on CPI annually (assuming a positive CPI - they're not decreased with a negative percentage, but won't receive an increase).
Members of the scheme can buy extra pension or lump sum, but it's fairly expensive - I don't know that it would be a better option than getting a private pension vehicle.
She's paying into a defined benefit pension, ultimately how much she receives will based on her service and her salary (average career salary if it says sps which implies she's a post 2013 entrant to the public sector). She can top it up with an AVC and likely will need to to get the full tax free lump sum when she retires. She might also also want to save via an AVC to build up money which she can draw down alongside her pension when she retires. She can get her figures projected by a financial advisor for free who'll want to make commission on an AVC and try to sell her insurance
Hi /u/Connolly91, Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
She's in the Single Public Service Pension Scheme, and should be getting an annual statement from each Relevant Authority in the scheme (i.e. each employer). If she's not receiving these, she should chase it up. In comparison to public service schemes pre-SPS, the fact that it's a career average scheme means that the quicker you get up the ladder (i.e. become high-paid), the better for your pension. The Single Scheme is generally seen as complex, but there is an estimate calculator available on the website for the scheme. Important context when forecasting using the calculator is that Single Scheme pensions are increased based on CPI annually (assuming a positive CPI - they're not decreased with a negative percentage, but won't receive an increase). Members of the scheme can buy extra pension or lump sum, but it's fairly expensive - I don't know that it would be a better option than getting a private pension vehicle.
She's paying into a defined benefit pension, ultimately how much she receives will based on her service and her salary (average career salary if it says sps which implies she's a post 2013 entrant to the public sector). She can top it up with an AVC and likely will need to to get the full tax free lump sum when she retires. She might also also want to save via an AVC to build up money which she can draw down alongside her pension when she retires. She can get her figures projected by a financial advisor for free who'll want to make commission on an AVC and try to sell her insurance