Implications of new law on age 65 retirement

A

Annieindublin

Registered User
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A related question.
Currently my contract says I retire at 65. Typically staff have been made adhere to this.
If the new law passes and I can delay retirement until 66, when the state pension kicks in by saying formally that I want to stay on for another year.
If I don’t do this can I still sign on for the year? Or will I have made myself unemployed voluntarily?

I’m not sure whether I want to stay on, and I am fairly sure the company won’t want me to. It’s a few years away thankfully but the culture is focussed on gen z staff etc and they’d like to offload us oldies. But I can’t afford to live on my company pension without the state pension. Our company pension is based on the assumption that you get a certain amount from the state as well.

Thoughts?
 
You still have the option to retire at 65 and claim a social protection payment.

If you are currently paying Prsi class A, you would qualify for Benefit Payment 65.
This is a weekly payment of 232 euro per week for the 12 months from your 65th birthday until your 66th birthday.

You don't need to be available for, and actively seeking work to claim BP 65
You also don't need to sign on and your payments are made directly to your bank account.

I would suggest that when making your claim, state that you have ceased work for health reasons rather than retirement.
 
S class,
Perhaps a stupid question but would a person claiming this year of Benefit Payment accumulate PRSI contributions?
Just trying to understand how this would effect TCA if one was not at 2080 contributions at age 65.
 
S class said:
I would suggest that when making your claim, state that you have ceased work for health reasons rather than retirement.
Click to expand...
Can I ask why you would suggest this ?

I can't see any mention of health issues in the qualifying criteria for this payment.

Benefit Payment for 65 Year Olds

Benefit Payment for 65 Year Olds is for those aged 65 who have stopped work or self-employment who satisfy the PRSI conditions. It may be paid from your 65th birthday until your 66th birthday.
www.gov.ie www.gov.ie
 
Des Pondent said:
Can I ask why you would suggest this ?
Click to expand...
You should be entitled no matter why you ceased employment at age 65.

"The onus is on the customer to prove entitlement to BP65 and to produce any evidence reasonably required."

Some deciding officers might question your entitlement and delay your claim if you state that you just decided to walk away from your employment

Just a bit of extra insurance.

I automatically qualified because I was a Jobseeker at age 65. I haven't seen the application questions, so I don't know if you are asked to state a reason for ceasing your employment.

Mabye you are not asked.
 
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Savvy said:
S class,
Perhaps a stupid question but would a person claiming this year of Benefit Payment accumulate PRSI contributions?
Just trying to understand how this would effect TCA if one was not at 2080 contributions at age 65.
Click to expand...
Provided you qualified for BP 65 based on class A Prsi you will get credits for the year.
The credits gain you an extra 52 reckonable contributions.
 
Is it likely that the BP65 payment will be removed given that 65 can no longer be a compulsory retirement age?
Wasn't it introduced to cater for people who were forced to retire at 65 by their employer? That's no longer an issue, so BP65 has been rendered 'redundant' (excuse the pun)

I'd guess politicians wouldn't go near that!
 
redstar said:
Is it likely that the BP65 payment will be removed given that 65 can no longer be a compulsory retirement age?
Wasn't it introduced to cater for people who were forced to retire at 65 by their employer? That's no longer an issue, so BP65 has been rendered 'redundant' (excuse the pun)

I'd guess politicians wouldn't go near that!
Click to expand...

I think its very existence is an Irish solution to an Irish problem. On the one hand, many people are calling for action about the pensions timebomb caused by the ratio of workers to pensioners leaning over to the pensioner side more and more each year. So the Government can say "Look at us - we increased the qualifying age for the State Pension to 66." But then, fearful of the grey vote, they introduced this BP65 - which is not an early payment of the State Pension - Lord no! It's part of Jobseekers - not a pension at all at all.

It reminds me of the time that Michael Noonan promised to remove the Government levy on pension funds. He kept his promise, and on the same day he replaced it with another - different - levy on pension funds. But he was quick to point out that he had kept his promise to remove the original levy. :rolleyes:
 
No, it's certainly not a pension and a lot of people who have paid Prsi all their lives are barred from receiving it because of a lot of convoluted rules, which the majority of them can't figure out.

It's a clever Irish solution for sure !
 
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