State pension 65 - 67 born before 1/1/61

[Furball]

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I will be entitled to a state contributory old age pension at 67 (born before 1/1/61). If I retire from employment at 65 (in 2025) what if any non means tested state benefits will I be entitled to between age 65 and age 67. I’m not looking for an amount just the name of any benefit and length of time for which any state benefit is payable.
https://www.askaboutmoney.com/

 

[Conan]

Currently retirees at age 65 can claim Jobseekers Benefit (subject to certain conditions) from 65 to 66. When the State Retirement Age goes to 67 (from 2021) no decision has been made as to whether PRSI contributors will be paid any SW benefit between 65 and 67. You will just have to await an announcement. The Government are expected to shortly publish a new paper on revisions to SW benefits (including changes to PRSI credits for people who have gaps in their contributions history due to being out of the workforce minding children prior to 1994).
I think you will just have to await clarity.

 

[Susie2017]

I have heard from a colleague that the contributory old age pension will require 40 years of paid PRSI contributions in future. Can anyone confirm this ? I will likely have only 37 years approx and that's even if I can endure working until 65 (would prefer to retire at 60). Will my pension be reduced proportionately ? Can anyone post a link to the rules please.

 

[Conan]

The details of the proposed 2020 changes to the State Pension have not yet been published. They are expected shortly. But the indications are that 40 years contributions/credits will be required for the full Pension. So someone with 37 years would potentially get 37/40ths.
But we will just have to await the details.

 

[Early Riser]

I will likely have only 37 years approx and that's even if I can endure working until 65

Even if you can't "endure" it, you may be eligible to get credited contributions for any remaining years. Some credited years will count - how many, etc, is not yet revealed.

 

[Lisboa]

I have heard from a colleague that the contributory old age pension will require 40 years of paid PRSI contributions in future. Can anyone confirm this ? I will likely have only 37 years approx and that's even if I can endure working until 65 (would prefer to retire at 60). Will my pension be reduced proportionately ? Can anyone post a link to the rules please.

They could be anything between 30 and 40 years. I guess we'll know later this year.

There's a bunch of other rules they will have to sort out too;

They will have to determine what the minimum requirement will be to earn 1 year of National Insurance, for example, minimum weeks worked in a year, and/or minimum amount earned;

Will they keep or scrap the pre-entry credit;

What the rules will be to allow someone to purchase voluntary contribution weeks or years to fill gaps in their record if, for example, someone only worked a few months of the year and weren't getting credited contributions, or if one retires early, or takes a year off from working;

Also, in my opinion, the new rules should guarantee that nobody approaching retirement age soon will be worse off under the new system, so perhaps the old system should continue to be implemented for those approaching retirement age soon who would benefit from that old system.
We'll see what happens!