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Prsi class?

  • 07-11-2017 7:48pm
    #1
    frankythefish
    Closed Accounts Posts: 339 ✭✭


    Can anybody assist? I am trying to determine prsi classes for individuals drawing money from an arf or a prsa. I am content that if individual is over 66 the class is m. I am unsure however how to determine class for those under 66. I have looked at sw14, the welfare guide, but still unsure. Can anybody help?


Comments

  • #2
    Just Retired
    Registered Users, Registered Users 2 Posts: 18 ✭Just Retired


    PRSI Class For ARF/AMRF/PRSA Class "S". You do not state as to what age the Drawdown is or commenced taking place, but I think you can do so from age OF 60 or 61. If you do so before the age of 65, and you are in PAYE type employment that Is for Class "A" PRSI, the deductions from the ARF/AMRF/PRSA will still be Class "S". If self employed under the same age criteria it will of course be Class "S". The good news in all cases is that Class S Contributions continues on your PRSI Record, for the purposes of claiming some State Benefits, Namely State Contrib.Pension. The Rate of Deduction is 4% for Class "S". As stated when the age of 66 is reached you move on to Class "M" which is a rate of 0%. However you should contact Social welfare to find out the number of contributions if you are paying under two classes of PRSI. I am not sure if you can Pay under two classes of PRSI Rates? However worth finding out.If one ceased working at 60 or 61 then of course Class "S" will be deducted, and so would be only one class of deduction.

    You might contact Some Assurance Companies,e.g. Standard Life,Irish Life,Zurich Life, who administer These products. They should be able to Clarify any PRSI Deduction queries you may have.

    Hope this is of some assistance


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