Contributory State Pension
- Thread starter Suze456
- Start date
breakonthru123
Registered User
- Messages
- 33
Yes, as I've figured out. Get someone to employ you for €38 a week over 10 years and you've got yourself a full state pension (lasting as long as you live from retirement..)
---
I wonder, could you employ yourself, through your own company, get paid €38 a week and get a state pension..
.. or would you be on a different PRSI class as you're a director / large shareholder?
---
I wonder, could you employ yourself, through your own company, get paid €38 a week and get a state pension..
.. or would you be on a different PRSI class as you're a director / large shareholder?
Gordon Gekko
Registered User
- Messages
- 7,369
That person would fail the "employed for an average of 48/52 weeks test though, no?
A disincentive to take a summer job as a 16 year old if ever there was one.
Like most people, I had summer job. Then I was in school and college etc. This has a dilutitive effect on my PRSI record, meaning I may be shy of the 48/52 requirement.
Utterly ridiculous.
A disincentive to take a summer job as a 16 year old if ever there was one.
Like most people, I had summer job. Then I was in school and college etc. This has a dilutitive effect on my PRSI record, meaning I may be shy of the 48/52 requirement.
Utterly ridiculous.
If you are not working, say early retired, you can apply to become a voluntary contributor to the Dept Social Protection, the process is easy, you then pay €500 a year in arrears ( as it is now ) to the Dept Social Protection and that keeps your record at 100% contributions, the Dept. write to you each year following your acceptance so you will not miss it.
Hi Palerider. Can that work for a public servant who retires early and can it be pro rata for contributions from age 58 up to age 66?
Gordon Gekko
Registered User
- Messages
- 7,369
Presumably you can't do it retrospectively?
e.g. to cover the years between a summer job as a kid and entering the workforce?
Thanks.
Understood, but can it be done for a public servant who retires sometime in the future?
It does not cover lost years, if you qualify regardless of circumstances then you qualify, once you pay the requested amount annually you are deemed to have paid a full stamp, in theory by doing this you have no gaps, you must apply within a short time after leaving the workplace, not sure how long that is.
Yes. The current system is very unfair to those who started their work records early - either by not going to college and starting work at 17/18 or, as you say, by taking a summer job. My understanding though is that the system is moving to a 'total contributions' approach where you would get a full pension if you have 30 years of contributions. This seems fairer.
Unfortunately, it's not as nice as just paying €500 a year (unless you were previousy a self-employed Class C contributor). Contributions are based on your prior income and you may pay a higher rate than standard PRSI... From welfare.ie:
So if your income in your final year working was 50,000, you would need to pay 3,300 annually in voluntary contributions.
RETIRED2017
Registered User
- Messages
- 756
I suspect loopholes like above is the reason there will be no fund to pay the forty something when they reach retirement ,
Some see one sixth of there payroll go each week to fund there state pension others only have to pay 500E per year for the same pension ?
People need to open your eyes unless you are in the above group who are piggy backing of the people who pay PRSIA1 all of there life trough payroll,
Some see one sixth of there payroll go each week to fund there state pension others only have to pay 500E per year for the same pension ?
People need to open your eyes unless you are in the above group who are piggy backing of the people who pay PRSIA1 all of there life trough payroll,
Last edited:
If you want to complain about equity in payouts then why aren't you complaining that not everyone's one sixth of payroll is the same either. So, having been well inside the top 10% of earners (who paid over 60% of all the income tax), I should be complaining that well over 90% of even the full contributors will be "piggybacking" on me. Do you really want to get into that argument?
RETIRED2017
Registered User
- Messages
- 756
I Know well what you are on about Up until a few year ago when my wages reached a certain level PRSI stopped it was capped because that was what it would have taken to provide a state contributory pension the only thing that has changed is the piggy backers are now reaching retirement age now and it is very easy to spot them ,
some are very knowledgeable people when it comes to money /stocks shares private pensions BUT when it comes to the same people understanding that some people see one sixth of there payroll going into the PRSI Fund while other put very little and get the same pension and don't understand
Judging the way the understand the present prsi system you would not trust them to be able to put there pants on the correct way around when they get up in the morning,
Anyone with earned or unearned income and people on high wages trough payroll are paying the price for all the people who have being piggy backing the PRSI system for the last forty years and no sign of it to stop,
I retired seeing my PRSI capped for Most of my working life I am happy enough Over to you now to get the same so stop the winging,
It is the forty something that is paying the price now the only reason I posted on this forum was because the forty something who is well set up was trying to set the Dogs After The People Who Paid For there Pension so no one would notice the people who have not,
At all stages I pointed out I was speaking on behalf of the people who seen one sixth of there payroll go into the PRSI Fund ,
I think of the people still working men and woman who get up in the morning drive long distances having to get there children ready for school/creche first and the prsi system the are paying into being raided with the help of FF/FG
And the piggy backers trying to turn them against there own mothers and fathers who are retired and payed there way all of there working life,
Last edited:
RETIRED2017
Registered User
- Messages
- 756
It is the top 10% who will be paying for the piggybackers from now on trough earned and unearned taxes
The piggy backers for the last forty to fifty years have reached retirement or will shortly
No point backing people who did not pay there fair share of PRSI and giving out about the top 10 % paying more than there fair share there is a connection you know,
Think about it this way each piggy backer will live about 25 years you said you are in your forties so you will have to pay tax to keep them until you reach pension age not to mention all the extra piggy backers who will be retiring and pulling from the top 10% each year until then,
Last edited:
RETIRED2017
Registered User
- Messages
- 756
If you are not working, say early retired, you can apply to become a voluntary
contributor to the Dept Social Protection, the process is easy,
Post no six above
you then pay €500 a year in arrears ( as it is now ) to the Dept Social Protection and that keeps your record at 100% contributions, the Dept. write to you each year following your acceptance so you will not miss it.[/QUOTE]
so now you know Why the top 10% have to pay more than they should including reminding the piggybackers not to forget to rip the top 10% off,
contributor to the Dept Social Protection, the process is easy,
Post no six above
you then pay €500 a year in arrears ( as it is now ) to the Dept Social Protection and that keeps your record at 100% contributions, the Dept. write to you each year following your acceptance so you will not miss it.[/QUOTE]
so now you know Why the top 10% have to pay more than they should including reminding the piggybackers not to forget to rip the top 10% off,
What a load of nonsense, how dare you suggest I am a piggybacker who has not paid his share, I have 35 years paid Class A contributions and actually have no need to continue as a voluntary contributor at all, also if you read the posts you will see that the €500 is a minimum payment.
Have to agree though, for €500 per year you get a bloody great return. That's on the understanding you live a few years to enjoy it. Someone's paying for it even if I pay a bit myself.