Contributory pension new changes

coleen

Hi I am wondering if anyone can tell me what my pension may look like under the proposed changes.
I am 58 and started paying prsi in 1978 I have large gaps in my payment years.
Payments from year. 78/79 to 82/83
Then nothing from 83-87 I had 2 children .
I had 1 year payment in 1988
And then nothing until 2004 and from 2004 to now full 52 weeks every year.
I think under the old scheme I would get around 200 but not sure how I will fare out if the new proposals come in.
Also I am hoping to only work for 2 more years so finish in 2022. Will I be able to put up credits.
I am hoping to get the pension at 66 but I know that may be 68.
Does anyone know when the new proposed changes are going to come in
🙏

BowWow

First thing you should do is get a record of your contributions - both paid and credited.

This link should get you started -

https://services.mywelfare.ie/en/topics/statements-and-refunds/contribution-statement/

hawthorne

coleen wrote: »

Hi I am wondering if anyone can tell me what my pension may look like under the proposed changes.
I am 58 and started paying prsi in 1978 I have large gaps in my payment years.
Payments from year. 78/79 to 82/83
Then nothing from 83-87 I had 2 children .
I had 1 year payment in 1988
And then nothing until 2004 and from 2004 to now full 52 weeks every year.
I think under the old scheme I would get around 200 but not sure how I will fare out if the new proposals come in.
Also I am hoping to only work for 2 more years so finish in 2022. Will I be able to put up credits.
I am hoping to get the pension at 66 but I know that may be 68.
Does anyone know when the new proposed changes are going to come in
��

Nobody knows when the new rules are becoming the only rules. Too difficult to say. I'd say for sure not before the 1st of January,2022.
Under the new system you can claim 12 years credit for your kids. And 8 more years if you did caring or signed on.
Get your contribution record and you have a better picture.
Since you are only 58 you are probably getting the pension only in 10 years time. I would clock up as much credits and contributions as possible to reach the full pension. You still have time.

StackSteevens

coleen wrote: »

Also I am hoping to only work for 2 more years so finish in 2022.

Will I be able to put up credits.

If you finish up voluntarily at age 60 and simply walk away from employment, then you won't be allowed to just sign on for credits until you reach pensionable age!

Here are the conditions:

You can sign on for credits, if you are not entitled to a social welfare payment or you are a qualified adult on your spouse's, civil partner's or cohabitant's social welfare payment as long as you:

• Are unemployed
• Available and capable of work
• Genuinely seeking work
• Have paid or credited PRSI contributions in either of the last two tax years

Another possibility is that you may be able to pay voluntary PRSI every year.

https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/social_insurance_prsi/voluntarysocialinsurancecontributions.html

coleen

Thanks for advice so far . I have got my social record and it is as I have described started in 1978 with just 5 years payments. Then I other year in the 80s
Time caring for children and then from 2004 to now full time working.
I really want to retire at 60 ,my partner will be on the state pension but I think the qualified adult is means tested and as I have savings and a rental income of 700 euro monthly I don’t think I will qualify for a payment.
Hopefully I will be able to pay voluntary prsi for the years between 60 and pension age.
It all seems complicated and not easy to get the information.

JustAThought

Be assured that they eill screw you any way they can. I’d invest in good tax advice.

Reat assured that if you were a social welfare dosser who signed on age 18 and never worked a day in your life and contributed nothing you would be paid dole and pension from social welfare cradle age 18 to grave.

I would advise talking to someone in citizens advice or a tax or legal specialist who knows the social welfare system - once you make a (recorded) inquiry at the social welfare line or put something in writing it can be used against you for future claims. Wanting to retire and needing to retire for mental or health issues are two very different things and lead you to very different outcomes.

coleen

JustAThought wrote: »

Be assured that they eill screw you any way they can. I’d invest in good tax advice.

Reat assured that if you were a social welfare dosser who signed on age 18 and never worked a day in your life and contributed nothing you would be paid dole and pension from social welfare cradle age 18 to grave.

I would advise talking to someone in citizens advice or a tax or legal specialist who knows the social welfare system - once you make a (recorded) inquiry at the social welfare line or put something in writing it can be used against you for future claims. Wanting to retire and needing to retire for mental or health issues are two very different things and lead you to very different outcomes.

Yes I will try and get someone in citizens advice who knows about this. I did go before and the person I spoke to was not very clear.
And you are right I am needing to retire rather than wanting to retire as I am finding it difficult to cope with the pressures.

hawthorne

coleen wrote: »

Yes I will try and get someone in citizens advice who knows about this. I did go before and the person I spoke to was not very clear.
And you are right I am needing to retire rather than wanting to retire as I am finding it difficult to cope with the pressures.

https://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/social_insurance_prsi/voluntarysocialinsurancecontributions.html#

https://www.gov.ie/en/publication/47cee2-operational-guidelines-prsi-prsi-voluntary-contributions/

StackSteevens

JustAThought wrote: »

Be assured that they eill screw you any way they can. I’d invest in good tax advice.

A more reasonable way of stating the above would be to explain that the Department will apply the terms and conditions of the scheme in a fair and equitable manner.

What leads you to imagine that "good tax advice" would help someone who simply wants to know the terms and conditions (as yet unwritten) that will apply to a Social Welfare scheme for which she may be eligible in ten years' time?