Teacher Pensions – Pre 1995
This video covers those of you who joined the pension scheme before the 5th of April, 1995. And if you join service before that date, then you’re on what’s known as the D rate of PRSI. And what this means for you is that you have no automatic entitlement to a contributory state pension, but all of your pension comes from your employer.
Your pension is calculated using your final salary, your final basic pay, plus an average of your allowances over the last three years up to your retirement date. Your employer then takes your salary. They divide it by 80 and they multiply it by the number of year service that you have up to a maximum of 40 years of service.
So if somebody has a 40 year service, then their pension will be half of their final salary. This pension is the gold standard in public sector pension schemes.
