Teacher Pensions Explained – After 2004 – Pre 2012
Are you a public sector worker who joined service after the 1st of April, 2004, but before the 31st December, 2012?
If you did, you are what’s known as a new entrant for pension scheme purposes, and when you get to retirement, you’ll be entitled to some of your pension from your employer and some from the Department of Social Protection.
Your normal retirement age is 65, but you do have the option to retire at any stage from age 55 under what’s known as Cost Neutral Early Retirement. And what Cost Neutral Early Retirement means is that you can retire early, but there is a penalty for each year that you retire early.
Your pension is calculated by taking your final pensionable salary, dividing it by 80 and multiplying it by your number of years of pensionable service.
