IRS (Incentivised Retirement Scheme): Options for future State Pro-Rata Pension

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Welfarite

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For thsoe PS who joined before 1995 (pay other than Class A contribution) and who decide to take the IRS option, there may be a possible of increasing your pension through the State Contributory scheme at age 65/66. Key points to remember:
  • you must have 520 FULL rate contributions PAID if qualifying after 2012.
  • You must have a yearly average of 10-14 per year of all classes of cons. from date of starting work to qualify for minimum pension.
  • You must start paying FULL rate PRSI (Class A normally) before reached 55/56 years aof age.
Oh, and of course, to pay this, you must also find a job first . See this link for more details
 
Is it possible to put up a self employed contribution or a Class A contribution while still putting up a Class B contribution. This would be contemplated to bring up the number of class A cons. to a sufficient level to qualify for a pro-rata state pension in addition to a public service pension.
 
trawbhui said:
Is it possible to put up a self employed contribution or a Class A contribution while still putting up a Class B contribution. This would be contemplated to bring up the number of class A cons. to a sufficient level to qualify for a pro-rata state pension in addition to a public service pension.
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No, not possible. Nor is combining previous Class A to up a 'Class B' pension entitlement.
 
Even better info on the Welfare site is booklet SW 118, which will be of interest to all Public Servants on Modified Class, i.e. Class D. You will need to have 260 weeks contributions up to 2012.
 
Agreed, but take the case of a Nurse. She may have trained in the U.K., the worked a few years there, came back here, got a temp post for a couple of years and then became permanent for the last 30 yrs. Decides to avail of ISER at 59 yrs and 350 days. She would get her occupational pension from the HSE and could then claim a full Contributory State Pension at 66. Not bad at an extra € 230.oo + per week extra. How long before that hole is plugged ???
 
I doubt she'd get a full State Pension as she wouldn't have Class A for the 30 years working, which will be counted in the period from starting work to 66 years. Also, if she is 60 this year, she won't be able to claim the pension until 2015 and will need 520 Class A contributions at that stage so the 260 is irrelevent.
 
Welfarite said:
I doubt she'd get a full State Pension as she wouldn't have Class A for the 30 years working, which will be counted in the period from starting work to 66 years. Also, if she is 60 this year, she won't be able to claim the pension until 2015 and will need 520 Class A contributions at that stage so the 260 is irrelevent.
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As long as she has min 260 Class A contributions, her remaining contributions can be at Class A or Class D and she will get either a full or pro-rata pension from age 65. See SW 118.
 
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