This is my category.
Have the above 10yrs paid contributions in one decade alone also
I've worked since 1963 p.a.y.e worker and have a period of 5yrs with no credits at all but other wise have 42yrs of paid or credited contributions.
Grand so far but the average rule I find is very confusing.
In that case if I need 48 p.a. for every year since I started work why bother having the 10yr rule above. In this case my 5yr absence from prsi will mean I won't qualify for the full pension.
I know I'm missing something here, or is the 48 average related to the 10yr rule above....It's doin me head in
If you reach pension age on or after April 6 2012, you will need to have 520 paid contributions (10 years paid contributions). In this case, not more than 260 of the 520 contributions may be voluntary contributions. However, if you were a voluntary contributor on or before April 6 1997 and you have a yearly average of 10 contributions, you may meet the requirement if you have a total of 520 contributions, but only 156 need to be compulsory paid contributions.
Have the above 10yrs paid contributions in one decade alone also
I've worked since 1963 p.a.y.e worker and have a period of 5yrs with no credits at all but other wise have 42yrs of paid or credited contributions.
Grand so far but the average rule I find is very confusing.
Normal average rule
The normal average rule states that you must have a yearly average of at least 10 appropriate contributions paid or credited from the year you first entered insurance or from 1953, whichever is later. An average of 10 entitles you to a minimum pension; you need an average of 48 to get the maximum pension.
In that case if I need 48 p.a. for every year since I started work why bother having the 10yr rule above. In this case my 5yr absence from prsi will mean I won't qualify for the full pension.
I know I'm missing something here, or is the 48 average related to the 10yr rule above....It's doin me head in