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About the Department
FAQs: FINANCIAL EMERGENCY MEASURES IN THE PUBLIC INTEREST ACT 2009
Pension Deduction ExamplesThe attached illustrative Tables below show the approximate impact on public servants of the proposed new Pension Deduction;
The tables show the:
· Gross Income of a public servant at different pay Levels.
· The additional Gross pension deduction rate applicable to that level of income
· The approximate Net rate of additional pension deduction as a proportion of gross pay when tax relief is taken into account
· The Total loss in net pay due to the pension deduction
· The Total deductions from pay for an individual including Income Tax, PRSI, Health Levy, Income Levy, Standard Pension Contribution and additional Pension Deduction.
· Total deductions as a percentage of Gross Pay
The final column on the right showing deductions as a percentage of Gross Pay demonstrates that the Total deductions are progressive by reference to income.
The nature of the pension will mean that it will reduce the amount of income on which PRSI, Income tax and the Health levy are paid. Accordingly, for the majority of public servants the reduction in take-home pay will not be as high as the gross additional Pension Deduction Liability.
The above link is to tables showing the approximate gross impact of the deduction at different income levels. On account of tax and PRSI relief, the net reduction of income for the vast majority of Public Servants will be less than the gross set out in the tables.
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