I am trying to work out what a SPC will pay for a relative with a mixed insurance record of class A, D, K, S, ORD and WOPS contributions. D, K and WOPS are all modified rate contributions.
From welfare.ie:
Social insurance contribution conditions
You must have:
For ease of calculation:
There are 24.5 years of 52 class A/ORD contributions
18 years of class D and WOPS contributions.
Essentially all years were the full 52 payments bar the first 1976/77 with 25 WOPS.
On the welfare record it states that one year in the 90's had 52 A1 and 52 D1 contrubutions. Im not sure what happened this year but im counting it as a D year given the year before and after were both at D.
Im ignoring K and S contributions as they were made alongside the A contributions over the years. 52 max in each 12 month period.
Total A contributions: 1274
Total modified: 936
Notional contributions: (1274+936)/43=51.4 per year
SPC: 243.3*(1274/2210)= €140.25 p.w./€7,293 p.a. from age 66
Would this be correct? Also, there are 3 years to go untill the person in 66, does this have an implication? Person is retired now.
From welfare.ie:
Social insurance contribution conditions
You must have:
- started paying social insurance before reaching age 55, for State Pension (Transition), or 56, for State Pension (Contributory),
- paid at least 260 full-rate employment contributions (see page 27 for changes from 6 April 2012),
- paid contributions at a modified rate,
- a yearly average of at least 24 paid or credited contributions for State Pension (Transition),
or - a yearly average of at least 10 paid or credited contributions for State Pension (Contributory).
- you must have paid at least 520 full-rate employment contributions
- if you have paid at least 260 full-rate employment contributions, you can make up the balance of the required 520 with modified-rate employment contributions.
For ease of calculation:
There are 24.5 years of 52 class A/ORD contributions
18 years of class D and WOPS contributions.
Essentially all years were the full 52 payments bar the first 1976/77 with 25 WOPS.
On the welfare record it states that one year in the 90's had 52 A1 and 52 D1 contrubutions. Im not sure what happened this year but im counting it as a D year given the year before and after were both at D.
Im ignoring K and S contributions as they were made alongside the A contributions over the years. 52 max in each 12 month period.
Total A contributions: 1274
Total modified: 936
Notional contributions: (1274+936)/43=51.4 per year
SPC: 243.3*(1274/2210)= €140.25 p.w./€7,293 p.a. from age 66
Would this be correct? Also, there are 3 years to go untill the person in 66, does this have an implication? Person is retired now.