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On retirement you will be entitled to a pension and lump sum, provided you have a minimum of 2 years actual pensionable service. Pension and lump sum payments are determined by:
What is pensionable service?
Pensionable service is teaching service in a secondary, community or comprehensive school that is:
What is pensionable remuneration?
Broadly speaking, pensionable remuneration is final pay. For a secondary, community or comprehensive teacher this will comprise retiring salary plus allowances plus supervision and substitution payment.
In the case of a teacher paying D Rate PRSI, the pension is 1/80th of a teacher’s pensionable remuneration for each year of pensionable service.
In the case of a teacher paying A Rate PRSI, the pension is 1/200th of the pensionable remuneration that does not exceed the maximum personal rate of State Pension (Contributory) multiplied by 3.333333 plus 1/80th of the pensionable remuneration which exceeds that figure for each year of pensionable service. This is known as co-ordinated pension.
This is subject to a maximum benefit of ½ of pensionable remuneration.
The lump sum is 3/80ths of gross pensionable remuneration for each year of pensionable service but subject to a maximum of 120/80ths. This payment is currently tax free up to €200,000.
More detailed information is available in the Frequently Asked Questions section.
Help and advice on calculating your pension is available from ASTI Head Office (01-6040160).
Please have the following information to hand before you call:
Your salary on June 30th, 2013 (if you are retiring on or before 31st August, 2014).