Pension from a variety of PRSI class contributions.

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laila

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I am in a defined benefit scheme for approximately 14 years. Semi state in the University Sector, class D PRSI. Apart from that I have 32 Class A PRSI contributions from 91/92 and prior to that a scattering of J and A contributions during the mid 80's.

I am thinking of leaving the 'security' of this job and working in the private sector until retirment. I have the option of being self employed or be an employee. With regard to a pension I am wondering which is the better route or combination of routes for me to take. to be Self employed, PRSI employee AVC's PRSA's I need to have a pension income of 1,000 p.m. minimum.

I am forty seven now and hope to retire at 60. which gives me 13 years. I guess I could work on longer if I had to to reach my target of 1,000 p.m.

I don't seem to be able to figure it all out so any help or even a direction to a proper advisor would be much appreciated.
 
Thanks for coming back to me. I have not contacted Social Welfare about this aspect. I just got a list of my contributions. My understanding is that as it stands now I would not be entitled to anything from social welfare as I have so few full contributions. The bulk of my working life 15 years I have been paying the reduced rate of PRSI - Class D. I have contacted the pension advisor in my place of employment and am waiting for them to come back to me on what happens to my defined benefit pension if I leave now. I think it could be frozen.

I think I need to work out if in my new employment I should be self employed or be an employee. Would it make a difference the pension?
 
laila said:
I have contacted the pension advisor in my place of employment and am waiting for them to come back to me on what happens to my defined benefit pension if I leave now. I think it could be frozen.
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Be careful - you may need to get independent, professional advice on this and the other matters that you outline above.
I think I need to work out if in my new employment I should be self employed or be an employee. Would it make a difference the pension?
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Yes - and to many other issues too. I don't understand how there is any confusion about whether or not you will be an employee or self employed contractor.
 
Thanks for responding to my email. Yes you are probably right I could very well do with independent professional advice and maybe as my family say get my head examined for thinking of leaving a secure, if boring, job!

There is not exactly confusion about whether I would be self employed or and employee. The nature of the job being discussed would lend itself to either option and at this stage in the negotiations I am seeking to inform myself of which option would be better for me. I will then try to get my preferred option agreed to before I take on the job. Thanks again.
 
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