TCA - State Pension

As was mentioned in a previous post re moving towards above by 2030. Can I ask, if someone had let's say what we would currently call 'full contributions' of prsi class A by age 60 but they continue to work & pay same prsi until 66, will they get a larger state pension?
Also is it envisaged that one could retire at 60, (if they had 40 years of contributions) therefore stop paying prsi & their 'full' pension would be waiting for them at age 66?
Sorry if post confusing, I've extremely limited knowledge in this area.

PRSI is not a personal pension plan - it is social insurance. So if you have income that is subject to PRSI after age 60 then you must continue to pay PRSI - whether or not you already have "40 years worth" of contributions. However, if you do not have relevant income after 60 (eg, you emigrate or become "economically inactive") you will still be eligible for a full State Pension at the relevant age (currently 66) if you have 40 years of contributions (some of which may be qualifying credited contributions).

You won't get any more pension for 45 "years worth" of contributions than you will for 40 years - under current rules at least. There has been a proposal to allow people to postpone drawing down their pension at State Pension and to then get a larger pension - ie, if you didn't draw your pension until 69 instead of the regular age you would get a larger pension. This hasn't actually been enacted yet and I don't know how advanced the proposal is currently.

Early Riser said:

PRSI is not a personal pension plan - it is social insurance. So if you have income that is subject to PRSI after age 60 then you must continue to pay PRSI

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Just to qualify that slightly...

You are not liable for PRSI contributions after the age of 66 - this is the case whether or not you are employed or self-employed. If you do not have enough contributions at age 66, you cannot add to them after that.

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Sunnygirl69 said:

As was mentioned in a previous post re moving towards above by 2030. Can I ask, if someone had let's say what we would currently call 'full contributions' of prsi class A by age 60 but they continue to work & pay same prsi until 66, will they get a larger state pension?

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Once your PRSI contributions/credits qualify you for the full contributory state pension any further PRSI contributions/credits don't "earn" you anything higher than that.

Sunnygirl69 said:

Also is it envisaged that one could retire at 60, (if they had 40 years of contributions) therefore stop paying prsi & their 'full' pension would be waiting for them at age 66?

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Yes.

If you retire at any age and are in receipt of an occupational pension or annuity, you will not pay prsi on the pension income.