Teacher Retirement News April 2021

If you thinking of retiring in the next 2 years we have some information you should know about the changes to teaching salaries and pension entitlements before you do so.

How to get more out of your pension in 2021.

General Pay Increase
On the 1st October 2021 all public sector salaries will see a general pay increase of 1% or €500, whichever is greater. In order to avail of this change we advise retiring after this date.

Public Sector Pay Restoration
Public servants who are due an amount of pay restoration in 2021 or 2022, under Section 19 and 20 of the Public Service Pay and Pensions Act 2017, respectively, will not receive the general round increase in that year. However, if the amount of restoration due is less than the general round increase, they will be paid the balance on the date of the general round increase. On 1 February 2022 a sectoral bargaining payment equivalent to 1% of basic pay is due to be paid.

Seminar Information
INTO – Webinar
On the 22 May 2021 the INTO will be holding an online Webinar for its members to attend. James Brett QFA APA will be speaking from Dorrin about the financial aspects of planning your retirement. For more information click here.