Contributory pension calculations. Help needed please?

I would hugely appreciate some help with my calculations as I'm not a figures person. I'm a teacher on class A PRSI and I am hoping to retire at the end of this school year, so the retirement date will be 31/08/25. I will turn 66 a week earlier on 23/08/25. I started insurable employment on class A in the year 1985/1986 and the last completed tax year before pension drawdown later this year would be last year, 2024. That would be 40 years plus 1 for 2001 if I'm correct. The total number of contributions [last column on my contribution statement] up to 2024 is 1693. Up to my 66th birthday in August 2025 I should have approx another 35 so that would be a total of 1728. I'm aware of the changes in 2025, aware of 90% of the YA and 10% of the TCA. There are a few lost years among my total years but that's a long story. If somebody could use those figures to calculate my weekly contributory pension I would be extremely grateful. I am already clear on my pension figures from my occupational teacher's side of the pension.

I am also aware that I don't have to retire at 66 and could defer. So supposing I continued in the job until 67 what would I gain please? In that case I would have the total 52 contributions for the entire year 2025 [total 1745] in addition to the approx 35 for 2026. So retiring at 67 in August 2026 I would have 1780. I'm aware that in 2026 it becomes 80% and 20%. So I'm just trying to figure out if there would be much benefit in postponing retirement for one year.

A last question, please. The bands in the YA approach seem generous. Does a yearly average of 40 really get the same amount as a yearly average of 47? Or am I missing something?

Huge thanks in advance. I've been trying to work it out but don't trust my own calculations.

Is the date of entry shown on your statement ?
This is under your name on the statement page.

Even one week of employment after age 16 would vastly reduce your yearly average.

Yearly average 40 will get you the same weekly pension as average 47.

Were you a public sector worker ?

Is the State Contributory Pension integrated into your teachers pension ?

Funnily enough the date of entry is not shown, it's blank. But everything else is on the statement so does that omission matter?

If you have no Prsi contributions shown before 1985/ 1986 you are okay. Public sector class B or D contributions would be included in deciding your entry date, I am assuming you don't have any of these.

This would mean that your date of entry is in either 1985 or 1986.

In the YA calculation, contributions are only counted up to your last full year. So your maximum contributions are 1693.

Contributions years are counted from your start year up to and including 2024.

So your maximum possible divisor is 40.

That gives you average 42.

So YA pension 283.70

Total contributions pension is 240.34 (1745 contributions)

Then just do the phasing out calculation for 2025.

Thanks a million for that S class, really appreciate it though unfortunately I don't fully follow. I get that it puts me into that €283.70 band calculating up to the end of 2024. But how does the phasing out for 2025 affect it? I'd be hoping someone can give me an approx figure of what I'll get weekly. Will it be around €270. I've all fingers and toes crossed that it won't be any less than that. Thanks again.

90% YA + 10% TCA
255.33 + 24.03 = 279.36

You can relax your fingers and toes.

Ah thanks so much. Would I gain much by working for another year? Rough figure, €20 a week maybe?

Rough calculation an extra 3 euro per week.
You would lose 14.5k in pension payments.
Break even at age 159.
Don't defer your pension.

Again thanks a million!

@S class, Yes SCP is integrated into teachers' pensions here, unlike in the UK where it's extra. And yes I'm public sector.

@acequion, I read through your other thread about 40 years service.

It's a great pity that so many obstacles prevent dedicated workers from continuing in employment.

Best wishes for your retirement.

@S class. Thanks so much for the wishes and yes, I completely agree that it is a great pity that many experienced workers are decentivised and opt to retire.

I worked in Ireland for 9 years and paid PRSI. I now live in the UK and it is unlikely that I will return to Ireland. I know that I have to have 10 years contributions to qualify for a State Pension so is there anyway I can top up another year in order to qualify?

Shimba said:

I worked in Ireland for 9 years and paid PRSI. I now live in the UK and it is unlikely that I will return to Ireland. I know that I have to have 10 years contributions to qualify for a State Pension so is there anyway I can top up another year in order to qualify?

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If you have at least one years NICs paid in the UK at any time over your working life this will be added to your 9 years in Ireland to help you qualify for the Irish state pension. Your entitlement with be 9/40ths of the benefit using the TCA calculation method.

Thank you for your reply.
Do you know how I go about arranging the movement of one of my UK's NIC's years to my PRSI account?

You cannot move any of your UK NICs to an Irish PRSI "account".

Shimba said:

Do you know how I go about arranging the movement of one of my UK's NIC's years to my PRSI account?

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I believe when you apply for the Irish state pension you will be asked about foreign social welfare contributions. Disclosing your UK NICs at that stage should gain the necessary qualification. Unless the rules change in the meantime…