State Contributory Pension IQA

Whitecarstones

Hi there,

I wonder could anyone help, perhaps someone who has been in a similar position.


My dad is reaching retirement age in August, and is entitled to a full pension, having worked since he was eighteen without a break.

My mam is nine years younger and has also worked all her life.

Shes anxious that if she waits until her own retirement age that my dad will be heading for eighty. They both wish to enjoy these years together while they have the chance.

This would mean my mother leaving her employment.

They have accumulated savings both together and apart and will be relying on this to be a top up every week to my dads pension.

They have gone through the figures and realised that the only way they would survive is if mam got the increase qualified adult.

She has about 24,000 in her own name and partly in a joint account. My dad has siginificantly higher savings in his own name and again their joint account.

She is aware that because she has more savings than 20,000 she would not be entitled to the full amount but rather a tapering figure.

The question I am asking is that when my mother would apply for this payment, would my dads savings come into account, despite her not being the holder of it? Or is it just my mothers savings?

They are afraid to take the leap because there is no definite answer to this anywhere. They went to an accountant and he said they should be fine but he wasnt very convincing.

I would be grateful if anyone could shed some light on this so it can be put to rest once and for all.

Cheers guys

iamwhoiam

Whitecarstones wrote: »

Hi there,

I wonder could anyone help, perhaps someone who has been in a similar position.


My dad is reaching retirement age in August, and is entitled to a full pension, having worked since he was eighteen without a break.

My mam is nine years younger and has also worked all her life.

Shes anxious that if she waits until her own retirement age that my dad will be heading for eighty. They both wish to enjoy these years together while they have the chance.

This would mean my mother leaving her employment.

They have accumulated savings both together and apart and will be relying on this to be a top up every week to my dads pension.

They have gone through the figures and realised that the only way they would survive is if mam got the increase qualified adult.

She has about 24,000 in her own name and partly in a joint account. My dad has siginificantly higher savings in his own name and again their joint account.

She is aware that because she has more savings than 20,000 she would not be entitled to the full amount but rather a tapering figure.

The question I am asking is that when my mother would apply for this payment, would my dads savings come into account, despite her not being the holder of it? Or is it just my mothers savings?

They are afraid to take the leap because there is no definite answer to this anywhere. They went to an accountant and he said they should be fine but he wasnt very convincing.

I would be grateful if anyone could shed some light on this so it can be put to rest once and for all.

Cheers guys

The savings in joint accounts and in her name are taken into consideration .The savings in his name are not . We have been through the process .


http://pkeane.ie/state-pension-contributory-adult-dependant-means-test/

Bishop of hope

Whitecarstones wrote: »

Hi there,

I wonder could anyone help, perhaps someone who has been in a similar position.


My dad is reaching retirement age in August, and is entitled to a full pension, having worked since he was eighteen without a break.

My mam is nine years younger and has also worked all her life.

Shes anxious that if she waits until her own retirement age that my dad will be heading for eighty. They both wish to enjoy these years together while they have the chance.

This would mean my mother leaving her employment.

They have accumulated savings both together and apart and will be relying on this to be a top up every week to my dads pension.

They have gone through the figures and realised that the only way they would survive is if mam got the increase qualified adult.

She has about 24,000 in her own name and partly in a joint account. My dad has siginificantly higher savings in his own name and again their joint account.

She is aware that because she has more savings than 20,000 she would not be entitled to the full amount but rather a tapering figure.

The question I am asking is that when my mother would apply for this payment, would my dads savings come into account, despite her not being the holder of it? Or is it just my mothers savings?

They are afraid to take the leap because there is no definite answer to this anywhere. They went to an accountant and he said they should be fine but he wasnt very convincing.

I would be grateful if anyone could shed some light on this so it can be put to rest once and for all.

Cheers guys

Citizens advice are pretty good with this stuff.

Whitecarstones

iamwhoiam wrote: »

The savings in joint accounts and in her name are taken into consideration .The savings in his name are not . We have been through the process .


http://pkeane.ie/state-pension-contributory-adult-dependant-means-test/

Thanks a million for that.

Whitecarstones

Bishop of hope wrote: »

Citizens advice are pretty good with this stuff.

Citizens advice is usually my go to for everything. I did read up on it but because they are so afraid of not surviving I had to be 100% sure.

Thanks

Sugarbowl

Sorry to bump your thread... what happens when you turn 67 and now qualified for the contributory pension. Does the pension automatically kick in on your birthday or is there paperwork to fill in beforehand?

SourSessions

Sugarbowl wrote:

Sorry to bump your thread... what happens when you turn 67 and now qualified for the contributory pension. Does the pension automatically kick in on your birthday or is there paperwork to fill in beforehand?

You should fill in the paperwork three months before your birthday

https://www.gov.ie/en/service/e6f908-state-pension-contributory/

Dodge

Sugarbowl wrote: »

Sorry to bump your thread... what happens when you turn 67 and now qualified for the contributory pension. Does the pension automatically kick in on your birthday or is there paperwork to fill in beforehand?

The pension age is 66 and you’ve to fill in a form

Sugarbowl

Thanks guys

And what happens if it’s non contributory?

SourSessions

Sugarbowl wrote:

And what happens if it’s non contributory?

Same situation. Fill out the paperwork three months before.

hawthorne

Sugarbowl wrote: »

Thanks guys

And what happens if it’s non contributory?

Fill out the paperwork for BOTH pensions at the same time. Contributory and non contributory.
You can choose which one suits you best when you get the info from SW.

Jerry Attrick

hawthorne wrote: »

Fill out the paperwork for BOTH pensions at the same time. Contributory and non contributory.
You can choose which one suits you best when you get the info from SW.

But bear in mid that you'll have to provide full details of all bank and other savings accounts, stocks and shares etc. for the non-contributory, whereas you don't have to for the contributory (unless you are claiming fuel allowance).

Sugarbowl

Thanks everyone. Checking in on it for a parent who has being paying PRSI contributions over the years so the contributory is the one we are interested in. Didn’t realize we need to get paperwork started off so will get at that ASAP. Should qualify for it in 6 weeks so good we checked in on it.