I would suggest that you should make every effort to make PRSI contributions. While an individuals circumstances may be different the basic situation is that for each years contribution you get €330 a year in pension.I’m currently self employed. I’m planning to move to a portfolio career in the next few years so thinking about seeing if I can or need to pay contributions to secure a pension. My portfolio career is not likely to be Aa lucrative as my current one so now is the time for planning.
If you make about 700/1000 PAYE does that work
State Pension Contributory entitlements are based on the number PRSI contributions (Stamps as they were once called). There are a range of different PRSI contribution classes, the key ones in the private sector being A (usually employee) and S (usually self-employed). While there is a relationship between PRSI and income, PAYE, Income Tax and so on, you can forget all those for now - no matter how much you earned or how much tax you paid it has no bearing on your State Pension Contributory entitlements. It is based exclusively on your PRSI contribution history. That's why getting your hands on this is a critical first step and will determine how you proceed. At the extremes, you could possibly have zero contributions, or you could have 23 years worth (Don't panic, given that you were paying tax throughout the 23 years and in employment for at least half that period, it's likely that you were paying PRSI.Yes. I don’t know how to make extra payments so I suppose the first thing is to find out what I’ve made, work out the shortfall and then figure out if I can make it up some way.
Paye earnings of 38 euro or over per week will earn you a class A Prsi contribution for each worked week. For periods when you have no paye earnings, sign on for class A Prsi credits. By doing this you should be able to gain 52 class A prsi contributions per year.I have a very small amount of PAYE income lecturing every year. Maybe that helps.
How do you sign on for class a credits with no PAYE income? That’s maybe what I need to do.Paye earnings of 38 euro or over per week will earn you a class A Prsi contribution for each worked week. For periods when you have no paye earnings, sign on for class A Prsi credits. By doing this you should be able to gain 52 class A prsi contributions per year.
Per year. I do a bit of paid lecturing. Also wrote a chapter of a book so I’m told I will get some royalties from that next year. Won’t amount to much though.Per month or per year?
It depends. Jobseekers is one option. Jobseekers (Credits Only) is another. Voluntary contributions is another possibility. Registering as self employed and paying S class is yet another. But, for example, voluntary contribution has a minimum pre existing contribution requirement. So without knowing your knowing your contribution history it's pure guesswork and will only confuse the issue and potentially send you off in the wrong direction.How do you sign on for class a credits with no PAYE income? That’s maybe what I need to do.
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