Have I enough contributions to qualify for full state pension

B

Buddy2022

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Hi everyone, apologies if this has been asked before. I will be 65 in 2035. I am currently not employed. From looking at my contributions statement i have:

1218 - Reckonable Contributions for Pension
599 - Reckonable Credited Contributions for Pension.

Am i correct in saying as i have more than 520 i will qualify.


Thank You


Sooty
 
Not sure of the relevance of being 65.

The 520 contributions is the minimum required to get anything at all.
2080 I think to get the maximum.
 
You should reach 2080 contributions in just over 5 years time for the full pension if you continue to get reckonable contributions (from employment Class A PRSI, or signing-on if unemployed). Class S (self-employed) contributions would also count.

The State Pension (Contributory) is payable at age 66.
 
Buddy2022 said:
Hi everyone, apologies if this has been asked before. I will be 65 in 2035. I am currently not employed. From looking at my contributions statement i have:

1218 - Reckonable Contributions for Pension
599 - Reckonable Credited Contributions for Pension.

Am i correct in saying as i have more than 520 i will qualify.


Thank You


Sooty
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Your pension age will be 66- so you reach pension age in 2036.
By that time the new TCA system will be fully implemented.
There will be a cap in place for any credited contributions. It is 520 credits. So unless you do caring you cannot use any more credits than the 520. This means you are already 79 credits over the limit. Any times of unemployment won't work in your favour anymore. You need to keep an eye on that.
 
If as stated above, you have exceeded the limit of reckonable credited contributions you should consider making voluntary contributions.

If you were a homecarer you are allowed a maximum of 1040 credits. This total can include a maximum of 520 Jobseekers credits.

You can backdate voluntary contributions for up to 5 years. This will allow you to get reckonable ontributions beyond the date when you hit the credited contributions limit.

If you are unable to gain employment you should continue to make voluntary contributions up to the end of the year of your 65th birthday.

You should continue to sign on for credits while making voluntary contributions.
Credits will keep you qualified for treatment benefits and can assist you to qualify for Benefit Payment 65.
 
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S class said:
If as stated above, you have exceeded the limit of reckonable credited contributions you should consider making voluntary contributions.

If you were a homecarer you are allowed a maximum of 1040 credits. This total can include a maximum of 520 Jobseekers credits.

You can backdate voluntary contributions for up to 5 years. This will allow you to get reckonable ontributions beyond the date when you hit the credited contributions limit.

If you are unable to gain employment you should continue to make voluntary contributions up to the end of the year of your 65th birthday.

You should continue to sign on for credits while making voluntary contributions.
Credits will keep you qualified for treatment benefits and can assist you to qualify for Benefit Payment 65.
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How do i make Voluntary Contributions?.
 
Buddy2022 said:
I don't think i qualify for that I last worked in 2013?
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Are you on DA?
If so, try to get a part time job- just some hours a week. The department would support you in your efforts. That way you would be able to clock up the missing contributions.
Another way would be trying to get onto Invalidity Pension. If you manage to stay on that until you are 66, you will be transferred to CP , getting the full amount, regardless of your PRSI contribution record.

Invalidity Pension

Invalidity Pension is a social insurance payment that may be paid to people who cannot work because of a long-term illness or disability.
www.citizensinformation.ie www.citizensinformation.ie
If you never work again, you are stuck on about 84% of the CP- which is about Euro 232. In that case you are better of on the NCP.
Good luck anyhow.
 
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Buddy2022 said:
I don't think i qualify for that I last worked in 2013?
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Have you continued to sign on for credits since you ceased working ?
You can qualify for voluntary contributions if you have a credited contribution within the last 5 years.


"apply within 60 months (5 years) after the end of the contribution year during which they last paid compulsory insurance or during which they were last awarded a credited contribution. In very exceptional circumstances, this period may be extended at the discretion of the Minister"
 
S class said:
Have you continued to sign on for credits since you ceased working ?
You can qualify for voluntary contributions if you have a credited contribution within the last 5 years.


"apply within 60 months (5 years) after the end of the contribution year during which they last paid compulsory insurance or during which they were last awarded a credited contribution. In very exceptional circumstances, this period may be extended at the discretion of the Minister"
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Yes i sign on annually.
 
Forumuser said:
Another way would be trying to get onto Invalidity Pension. If you manage to stay on that until you are 66, you will be transferred to CP , getting the full amount, regardless of your PRSI contribution record.
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But he never said he was an invalid, he just said he hasn't worked since 2013. Probably shouldn't be encouraging people to apply for benefits they not entitled to. I presume the bar for invalidity is relatively high. I think the proportion of people claiming benefits because they can't work is rising steadily
 
In case it's useful, below is the formula to calculate the reduced rates of payments for less than 2080 contributions (but greater than 520). You can also apply for the non-contributory pension which is means tested and opt for whatever method pays the most.


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joe sod said:
But he never said he was an invalid, he just said he hasn't worked since 2013. Probably shouldn't be encouraging people to apply for benefits they not entitled to. I presume the bar for invalidity is relatively high. I think the proportion of people claiming benefits because they can't work is rising steadily
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"He"!!!!!!!!
 
Marsupial said:
In my long experience, "Buddy" tends to be either a male or a canine.

So if you're neither of the above, then please stop confusing us! ;)
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making sense of pension statement.

Hi all, i left one of the financial institutions in 2013 - have not been in paid employed since. I had worked with this institution since 1990 but pensionable service did not start until 1992. Anyways, my pension statement shows that my DB will be E9819.85 p.a. - could this be right...
www.askaboutmoney.com
 
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