State Pension Question

Saruman

Not sure if this belongs here or state benefits but anyway.

I have been working full time since 1997/98 so I should have easily clocked up my 520 contributions.

There's a possibility that I will be moving to the US in 3 years or so. Not sure how long for. Am I right in saying that my state pension is secured? Or is there something about average contributions I need to be aware of?

I know I'm entitled to it no matter what country I reside in at retirement age. That's a long way off as I'm only about to hit 35 next month.

emg74

The system as it currently operates is based on an minimum average number of contributions averaged over your working life. From the year you first started to pay PRSI to the end of the year prior to retirement age (currently 66) - you need a min average of 10 contribs per year to get the minimum pension.

However there is a proposal to change the entire system in 2020 - where you need to have 30 years contribs to get the full pension (no more than 10years credits) - each year is worth 1/30 of the pension.

there is good information on the citizens information website - http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_contributory.html

Some info on new system at bottom but nothing in law about this change yet so could change

Also you could pay voluntary contribs here while you are gone to keep up your PRSI record in Ireland

Saruman

emg74 wrote: »

Also you could pay voluntary contribs here while you are gone to keep up your PRSI record in Ireland

Good point thanks.

murphaph

emg74 wrote: »

Also you could pay voluntary contribs here while you are gone to keep up your PRSI record in Ireland

This advice is worth its weight in gold. There are strict rules about being eligible to do this. You must apply to be allowed and you must apply within a set time of finishing paying compulsory PRSI otherwise it's too late.

They prohibit anyone who is socially insured in another EU state from contributing but they allow it for others so it should be an option from the US. I would definitely do it to ensure I got a full state pension (cheapest pension you'll ever get).

emg74

Yes, there is a short window in which you can apply for voluntary contribs. All the info is here - http://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/social_insurance_prsi/voluntarysocialinsurancecontributions.html