What level of state pension would I be entitled to?

A

AlAndalus

Registered User
Messages
29
Just trying to understand what I should expect to get by way of state pension when it kicks in when/if I reach 67. I had worked for nearly 30 years in the public sector when I left for the private sector over ten years ago. So I currently have just over ten years paying full PRSI in the private sector. If I stop working when my public sector pension kicks in in two years time (by which stage I will have c12.5 years in the private sector) what would be my entitlement in terms of the state pension when/if I hit 67?
Thanks in advance.
 
Since you refer to age 67, I assume you will reach that age post 2021 when the State Pension age goes to 67.
Answering you question is tricky as there is likely (not yet confirmed) to be changes introduced to the calculation basis in 2020. If the proposed changes go ahead, an A contributor will require 30years of A contributions to get the full State Pension. So 12.5 years might get you a proportionate Pension of c40% of the full State Pension.
Under the current “totals and averages” basis of calculation, I think you would get a roughly similar percentage.
It is expected that the Gov will produce a new Pensions Framework document in the near future which hopefully will clarify future strategy.
 
Conan said:
If the proposed changes go ahead, an A contributor will require 30years of A contributions to get the full State Pension. So 12.5 years might get you a proportionate Pension of c40% of the full State Pension.
Click to expand...

As I read it, under the most recent proposal for a Total Contributions approach, an applicant may need 40 years of qualifying contributions for a full State Pension. If so, 12.5 years would yield about 31% of a full pension.It will probably be next year before we know more.

See Q12 and Q23 in particular in the attached:

http://www.welfare.ie/en/downloads/Pensions_PolicyOptionsReporton2012RateBands_Q+A.pdf
 
When the original proposal to move to a TCA was announced a few years back, the requirement was for 30years to qualify for the full State Pension. The latest proposal states 40years in the context of dealing with the extension of the Homemakers Scheme. Whether the post 2020 basis will require 30 or 40 years for general cases, we will just have to wait and see.
 
You must log in or register to reply here.
Back
Top