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.
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.
Grand so far but the average rule I find is very confusing.
Have I mis-read your post
Sorry to be the bearer of the bad news for both of you, but as you seem to be retiring in 2015 at age 65 the Transition Pension will be abolished in 2013 so you will have to continue working till 2016 (Contributory Pension is paid at age 66) or consider alternative income to tied you over.
Have I mis-read your post
It doesn't say exactly when in 2014 the STP is being abolished if it was after 25 March I could claim the STP but I'm not holding my breath.The State Transition Pension will be abolished in 2014 so I would advise you to keep your insurance record up-to-date in that year if you are not in insurable employment ie .. sign for PRSI credits.
As you know the Government recently announced plans for wide-scale reform of the Irish State Pension system. As the majority of these changes will affect those who will reach pension age during or after 2014, it is recommended that you familiarise yourself with these changes. You can access the 'National Pensions Framework' online via this Department's Website
this is an easy to understand example,thanks, but to complicate it a little for people with mixed insurance i am looking at s/welfare site ; If you reach pension age on or after 6 April 6 2012, you will need to have a total of at least 520 full and mixed contributions paid and at least 260 of these must be full contributions.Pudds, I'm sure you will get far more informative replies but I have found the following example of help to me.
Example 1
A person started paying social insurance for the first time on 7
August 1961. They reach age 66 on 12 June 2006. The last tax year
before they reach age 66 is the 2005 year.
1. Counting from the 1961 tax year up to and including the 2005
tax year gives a total of 45 years.
2. They have a total of 1,260 reckonable contributions
3. Dividing 1,260 contributions by 45 years gives a yearly average
of 28 contributions.
Based on this record they will qualify for 98% of the standard rate
OACP.
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