The new Single Public Service Pension Scheme ("Single Scheme") commenced with effect from 1 January 2013. The Department’s Circular 7/2013 ( below ) outlines the details of the Scheme.
The Single Public Service Pension Scheme website provides details of the Single Scheme.
A detailed booklet on the terms and conditions of the Scheme is available using this link.
The Single Pension Scheme is based on a career averaging model. This means that your retirement benefits are based on a % of your pensionable earnings throughout your public service career as a member of the Scheme. Your retirement benefits are only payable at retirement if you have passed a vesting period. The vesting period for this Scheme is 24 months.
For each pay period that you contribute to the Scheme, you build up an amount towards your retirement benefits. The total of these amounts at retirement, with some adjustments for increases in inflation for the amounts you earned earlier in your career, determines what your retirement benefits will be.
Members of the Single Pension Scheme have a minimum retirement age of 66 ( rising to 67 and 68 in line with State Pension Age changes ) but must retire at the age of 70 years.