Looking toward retirement options

Bow tie

Registered User
Messages
70
I have read the various threads on retiring, the state contributory pension and early retirement but am still confused as to when and why a requirement in the 63rd year appears and if it will apply to me, and how to ensure a contributory pension will be in place.

Looking at my options, I would like to understand if I have the below two scenarios available to me, or just one or the other?

Option 1: If I PAYE retire at the end of the tax year in which I am 58, I will have over 2080 contributions. So far those would be 265 credited, and remaining A Class.
Does this alone allow contributory pension access at age 66 if no income or credit signing from tax year age 59-65?
Do I have to continue signing anyway even if not JB?
Or I may work sporadically in those years either, will this have an impact?
Finally, Is there an additional box I must tick in the 63rd year for contributory pension access even in the above case with all contributions in place?

Option 2: If I PAYE retire at the end of the tax year in which I am 58 and with everything else as above, but choose to use a small DC/DB for ARF income and class S.
I will then have history as above and age 59-65 class S, are there any pitfalls of this?
Apart from drawing ARF are there other things I must do?
Again is there a 63rd year requirement for contributory pension access at age 66.

Thank you to anyone who can help.
 
Option 1.
You will get the full COAP from age 66.
There is no need to do anything else to get this.
You are free to take up employment with no impact on your full COAP entitlement.

Option 2.
If you get more Prsi contributions (class S ) from an ARF you will still get the full COAP at age 66. There are no pitfalls.

The calendar year of your 63rd birthday requirements are in order to gain Benefit Payment 65. If you meet these requirements you will get a payment equivalent to Jobseekers Benefit from age 65 to 66. This is an extra payment and does not impact your qualification for full COAP at age 66.