People over age 62 are not required to actively engage.
making sense of pension statement.
- Thread starter Buddy2022
- Start date
I, too, am curious. I asked for my PRSI record a while back and I got no credits for the 18 months of signing on prior to going to college. I was on jobseekers assistance at the time rather than dole stamps as I returned from abroad (circa 1992). Should they be deemed as contributed years ?
How does that work or where would I get further information about this.
Approved Retirement Fund (ARF)
With an ARF you are re-investing your retirement fund. You can choose to take a regular income from this fund. To start an ARF you must have a guaranteed pension income for life of €12,700 a year (from other sources than your ARF investment) or used €63,500 from your retirement fund to buy an annuity.I don't have a guaranteed pension of E12700 per annum?
That requirement was abolished with effect from 1 Jan this year!
As Groucho says that rule no longer applies. You stated that you had AVCs of 31k. If you keep a minimum of 10k in your AVCs after taking your tax free lump sum, you will be able to set up an ARF. Irish Life allow this. Zurich state that the minimum ARF they will set is for 20k. But I know from experience that if asked they will set it up for a lower value.
Some people will tell you that you need a minimum drawdown of 12500 euro per year from an ARF to gain 52 S class Prsi contributions each year. This is incorrect.
Provided that you take monthly drawdowns from the ARF you will gain 52 S class contributions per year regardless of how small each monthly drawdown is.
Some people will tell you that you need a minimum drawdown of 12500 euro per year from an ARF to gain 52 S class Prsi contributions each year. This is incorrect.
Provided that you take monthly drawdowns from the ARF you will gain 52 S class contributions per year regardless of how small each monthly drawdown is.
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NOT true. You don't have to take part in any activation programme like courses how to look for work, any work scheme, Job Bridge and what have you, etc. They leave you alone if you do not want that stuff. But you are still required to be available for work and are supposed to genuinely and consistently look for work.
Older people and jobseeker's payments
An overview of the special provisions that apply to older jobseekers and people who retire early.
But this does not concern the above poster who is only in her mid Fifties.
Signing on for credits is explained here- and it makes perfect sense what the OP says:
Credited social insurance contributions
A credited social insurance contribution is a contribution given to you and recorded on your social insurance record. This page explains the rules on credited contributions for students, carers, homemakers, voluntary development workers and people who retire early.
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Usually all benefits attached to the same employment must be taken at the same time.
When can the DB be taken?
Are you referring to the point that simply having monthly ARF payments before age 65 qualifies you for the Over65 payment?
Meaning that some of them are correct. It would be helpful if you could be more specific.
Yes.
The original wording of the guidelines for BP65 gave the impression that if a person had the required Prsi at class S and if they were unemployed at age 65 they would qualify.
It later became clear that they also needed to have ceased a self employment after age 63 to qualify.