Retirement Options for ASTI Members
Teachers may retire at any age, however pension benefit is only payable under certain conditions and age restrictions as set out below. ASTI Head Office officials will offer advice and information to teachers on retirement options and information is also available from the Department of Education and Science.
1. Compulsory Retirement
Compulsory retirement age for teachers who commenced teaching before 1st April, 2004 and whose service is not interrupted for a period greater than 26 weeks is 65, i.e. teachers must retire no later than the end of the school year in which they reach their 65th birthday. Such a teacher, if a member of the superannuation scheme, would receive a pension based on the number of years he / she was a member of the scheme, e.g. a teacher aged 65 on a salary of €60,000 who was a member of the superannuation scheme for 40 years would receive a pension of 40 eightieths of salary, i.e. €30,000 and a tax free lump sum of €90,000.
For those teachers who came into the system after 1st April, 2004 the present compulsory retirement age of 65 has been removed enabling them to remain longer in work should they so wish, subject to suitability and health requirements.
2. Retirement on Grounds of Ill Health
A disability pension is payable to a teacher who is a member of the superannuation scheme who retires (with not less than five years pensionable service) where the Minister is satisfied that due to infirmity the teacher is not capable of performing his / her duties and the infirmity is likely to be permanent. The continued payment of a disability pension to a teacher who is under the age of 50 is however subject to a review from time to time. In calculating the pension and lump sum, the actual pensionable service of a teacher retiring on disability pension may be increased by an amount of added service which will not normally exceed 62/3 years. Full details on this are included in the ASTI leaflet "Sick Leave, Disability Pension, Salary Protection".
3. Optional Retirement at Age 60
A teacher who is a member of the superannuation scheme and who commenced before 1st April, 2004, may opt to retire on pension at age 60 or at any time thereafter. Such a teacher would receive a pension based on the number of years he / she was a member of the superannuation scheme, e.g. a teacher aged 60 on a salary of €60,000 who was a member of the superannuation scheme for 38 years would get a pension of 38 eightieths of salary, i.e. €28,500 and a tax free lump sum of €85,500. The minimum retirement age on "full" pension for teachers who came into the system on or after 1st April, 2004 is 65.
4. Optional Retirement at Age 55
A teacher who has reached the age of 55 and has 35* years pensionable service may apply to retire on pension.
* Note: In calculating the 35 years, a teacher with a pre-service training period of three years is credited with one year for the purpose of calculating the required 35 years and a teacher with 4 years or more of pre-service training is credited with two years for the purpose of calculating the required 35 years, e.g. a teacher aged 55 with a three year degree and a 1 year H.Dip Ed can retire with a pension of 33/80 of salary having completed 33 years of actual pensionable service. (A lump sum of 99/80th of salary would also be paid on retirement in the case of this teacher.)
5. Cost Neutral Retirement Option
In April 2005 the Department issued circular 10/2005, which allows teachers to retire with pension at age 50 (if in service before 1st April, 2004) or at age 55 (if they enter service on or after April 1st, 2004). This option is defined by the Department as "Cost Neutral", i.e. a penalty / adjustment is applied to the pension and lump sum which is based on the age of the retiring teacher.
For more information
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 current gross and net salary;
- Number of years of service;
- The type of retirement you are interested in.