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Fast-accrual pension survey
Since 1995, fast accrual pension schemes have provided an Occupational Supplementary Pension (OSP) to bridge the income gap between contractual retirement age and the age of access to the State Pension.
However, the Post-2013 Single Pension Scheme, unlike all previous integrated pension schemes, does not provide members with full pension entitlements between retirement and the age of access to the State Pension. As a result, members who joined the service after 1 January 2013 would be forced to retire on a significantly reduced pension until they reach the state pension age. This is unsustainable and places significant financial strain on retirees.
The Government has said members in the affected services (An Garda Siochana, Defence Forces, Fire Brigades, and Prison Services) can take up other employment after they retire. What do you say?