Pension

landlord2020

If your only income is rental income say 30K per year

Do you qualify for the state pension when you retire ?

Calahonda52

landlord2020 wrote: »

If your only income is rental income say 30K per year

Do you qualify for the state pension when you retire ?

See here for Contributory pensions
https://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_contributory.html
its a fn of what number of stamps, at the required contribution rate, you have.

https://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_non_contributory.html

sets out the case for reduced Con/Non Con pensions.

You can email them to get a statement of your contributions thus far

Stratvs

PRSI paid on unearned income doesn't give rise to Social Welfare benefits.

https://www.welfare.ie/en/Pages/Information-on-the-Extension-of-PRSI-Liability-to-Unearned-Income.aspx

landlord2020

wow so you pay prsi on rental income but it doesn't qualify

Is it possible to buy a stamp to qualify

If not what is the minimum working wage required to gain a stamp and thus qualify.

Stratvs

landlord2020 wrote: »

wow so you pay prsi on rental income but it doesn't qualify

Is it possible to buy a stamp to qualify

If not what is the minimum working wage required to gain a stamp and thus qualify.

There is a process called voluntary contributions. You'd need to see if you can avail of that.
http://www.welfare.ie/en/Pages/PRSI---PRSI-Voluntary-Contributions.aspx


PRSI (A rate) starts once pay > €38pw. There are minimum numbers of contributions. For Self-employed (S rate) minimum contribution €500pa.

https://www.welfare.ie/en/downloads/Advance-Notice-of-PRSI-Changes-For-Computer-Users-2019.pdf

Also, the whole system of pension computations is under review with changes coming down the track.

https://www.welfare.ie/en/downloads/Pensions_consultation_2018.pdf

donkey10

Stratvs wrote: »

There is a process called voluntary contributions. You'd need to see if you can avail of that.
http://www.welfare.ie/en/Pages/PRSI---PRSI-Voluntary-Contributions.aspx


PRSI (A rate) starts once pay > €38pw. There are minimum numbers of contributions. For Self-employed (S rate) minimum contribution €500pa.

https://www.welfare.ie/en/downloads/Advance-Notice-of-PRSI-Changes-For-Computer-Users-2019.pdf

Also, the whole system of pension computations is under review with changes coming down the track.

https://www.welfare.ie/en/downloads/Pensions_consultation_2018.pdf

Has there been any indication of whether the averaging system will apply to qualification of pensions yet? I read somewhere about it applying for 2022 onwards? It is difficult when they have not set a date etc as it prohibits planning to ensure someone will qualify for a max pension esp the self employed

Stratvs

donkey10 wrote: »

Has there been any indication of whether the averaging system will apply to qualification of pensions yet? I read somewhere about it applying for 2022 onwards? It is difficult when they have not set a date etc as it prohibits planning to ensure someone will qualify for a max pension esp the self employed

This is the official from DEASP.

https://www.welfare.ie/en/pressoffice/Pages/pr280218.aspx


https://www.welfare.ie/en/pressoffice/pdf/PensionsRoadmap.pdf

PAge 11 of the roadmap has a proposed timeline.

donkey10

Stratvs wrote: »

This is the official from DEASP.

https://www.welfare.ie/en/pressoffice/Pages/pr280218.aspx


https://www.welfare.ie/en/pressoffice/pdf/PensionsRoadmap.pdf

PAge 11 of the roadmap has a proposed timeline.

Cheers for that. Does this mean then that if someone reaches pension age in 2022 that they are subject to the new provisions?

Currently I am assessing my parent's contributions for qualification based on the current system.

Thanks

Stratvs

donkey10 wrote: »

Cheers for that. Does this mean then that if someone reaches pension age in 2022 that they are subject to the new provisions?

Currently I am assessing my parent's contributions for qualification based on the current system.

Thanks

Currently it appears all new pension applicants from 2020 on will be assessed on the new rules. But watch this space as they say.

https://www.oireachtas.ie/en/debates/question/2019-02-27/207/

donkey10

Stratvs wrote: »

Currently it appears all new pension applicants from 2020 on will be assessed on the new rules. But watch this space as they say.

https://www.oireachtas.ie/en/debates/question/2019-02-27/207/

That's all we can do! It really is rewarding those who worked all their life really!

red bull

Is there any clarification on those proposals