State pension if retiring early

DocR

Just wondering if I retire early (still some way off, I'm in my 50s) does this affect my entitlement to the state pension at the age of 66 (as it is currently) i.e. if I retired at 60 / 61 and so stop paying PRSI at that stage, would this have any impact or could I still collect the full pension at 66 (or whatever age it is by then)?

I have been working full time since the age of 18 with only a few weeks unemployment around the age of 20.

Quitelife

https://www.boards.ie/discussion/2058353565/state-pension-if-retiring-early

Once you have 2080 weeks contributions you'll get full pension ..thats 40 years X 52 weeks.

If you started work at 18 and worked straight through to 58 youd have that built up….

This is it

https://www.boards.ie/discussion/comment/122194108#Comment_122194108

Is there somewhere to check contributions? I was unemployed in my mid 20s and went back to college so just trying to gauge an earliest retirement age allowing for full pension. Thanks

naughtysmurf

https://www.boards.ie/discussion/comment/122194108#Comment_122194108

what happens if you have 39 years X 52 weeks? I assume you could work on for another year but what if you wanted to finish at 66? Just wondering

Trigger Happy

You can check how many contributions you have thru mywelfare.ie. Request Contribution History section. You need to know your mygov login and password.

coylemj

https://www.boards.ie/discussion/comment/122194355#Comment_122194355

You can request your contributions history with or without a mygov login ….

1. With a mygov userid you will get your history in a PDF file in a matter of minutes
2. Without a mygov login, you will get a hardcopy statement in the post after a few weeks

If you are or it looks like you will be shy of 2,080 contributions by the time you reach pension age (currently 66), you can topup with credits. You can get credits in a number of ways…

• You'll automatically get them while collecting Jobseeker's Benefit
• After your benefits run out and, assuming you won't qualify for Jobseeker's Allowance (which is means-tested), you can elect to sign on for credits. You typically do this once a year at your local Intreo (social welfare) office.
• If you are a woman with children, you can claim Homemaker's Credits for any period(s) when you were out of work and claiming child benefit, up to the 12th birthday of your youngest child. Homemaker's credits will only be added when you go to claim the pension, they will not add them on to your history beforehand.

Inviere

https://www.boards.ie/discussion/comment/122194555#Comment_122194555

I'm not the OP, but just checked mine using the mentioned link. I've got a number of figure for the 'Total Pension Contributions", but then I've got a number of "J" class contributions mentioned in the Paid Contributions Section (some of which I don't know why they're J class as they seemingly don't count towards a pension), then the breakdown of Credited Contributions seem all over the place from year too year despite stable employment, then I've got an assortment of Reckonable Contributions, and then I've got mention of a number of Reckonable Credited Contributions too....

Honestly I've no clue about any of this, never have, and any time I read and try to learn about it, none of it ever makes any sense and I end up leaving it. Is there a recommended place I can talk to, on a personal level relating to my specific case, who can advise me on paying voluntary contributions etc to restore me back on track?

gandalfio

Can you add reckonable contributions and reckonable credited contributions together when trying to reach the 2080?

HildaOgdenx

Not my area of expertise whatsoever, but the gov .ie website and Citizens Information are both useful sources, in my opinion.

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

https://www.citizensinformation.ie/en/social-welfare/older-and-retired-people/state-pension-contributory/

coylemj

The only column that matters is the last one - on the right. The title is 'Combined Reckonable Contributions and Credited Contributions for Pension'.

The total in that column and any future contributions you can accumulate up to the end of the calendar year before you reach 66 needs to come to 2,080. That will qualify you for the full state contributory pension.

bilbot79

I think you can keep paying them from your own pocket if you're short

gandalfio

https://www.boards.ie/discussion/comment/122195178#Comment_122195178

I can't see a combined column. Last column on the right is called Reckonable Credited Contributions for Pension

coylemj

https://www.boards.ie/discussion/comment/122195283#Comment_122195283

Is that a softcopy (PDF) statement and how old is it? The statement I'm looking at is from last month (April 24) and was sent as a PDF file. The column you mention is the second last on my statement.

coylemj

https://www.boards.ie/discussion/comment/122195186#Comment_122195186

If you're self-employed, that would be the way to go. When you sign on for credits, you have to declare that you are unemployed, available for work and actively seeking work.

StormForce13

https://www.boards.ie/discussion/comment/122195283#Comment_122195283

RECKONABLE is the magic word.

Add the paid reckonable contributions and the reckonable credits together and you'll get the total that counts. If it's equal to 2,080 then you've reached 100%.

(That's the simple version; it can get a bit tricky with things like pre-employment credits, home carers credits, and homemakers disregards possibly coming in to the picture!)

JoChervil

https://www.boards.ie/discussion/comment/122194555#Comment_122194555

Well, I asked for mine in January and till now haven't got it. Officers are working on it, there is a message on their site… Is it normal that they are so slow?

anewme

https://www.boards.ie/discussion/comment/122194555#Comment_122194555

I want to get a contribution history without a my gov login. If s not clear where you request this from?

jaffa20

https://www.boards.ie/discussion/comment/122194108#Comment_122194108

2080 weeks?

2. You have a certain number of paid PRSI contributions

The number of paid PRSI contributions you need for the State Pension (Contributory) depends on your retirement date.

If you reach pension age on or after 6 April 2012, you need to have 520 full-rate PRSI contributions (10 years’ contributions).

If you reached pension age between 6 April 2002 and 5 April 2012, you needed to have 260 full-rate contributions (5 years’ contributions).

If you reached pension age before 6 April 2002, you needed 156 qualifying full-rate paid contributions (3 years’ contributions).

https://www.citizensinformation.ie/en/social-welfare/older-and-retired-people/state-pension-contributory/

gipi

Those are the minimum contributions needed to qualify for any pension at all.

To get the maximum pension, you need many more than 520.

gipi

https://www.boards.ie/discussion/comment/122196033#Comment_122196033

Client Eligibility Services - Buncrana
Address:Department of Social Protection, McCarter's Road, Buncrana, Donegal, Co. Donegal, F93 CH79
Email:contributionstatement@welfare.ie

MrRigsby

Anyone know what the situation is contributions wise, to get the state pension if you are in receipt of public sector pension ? I heard there were plans to change the requirements

CramCycle

https://www.boards.ie/discussion/comment/122196266#Comment_122196266

Depends which pension, the latest one the requirements are the same as everyone else.

coylemj

https://www.boards.ie/discussion/comment/122196266#Comment_122196266

Ther's nothing to stop you getting both, you just need to have the requisite number of reckonable (for the state pension) contributions and/or credits. Public servants who joined before a certain date paid a different class of PRSI so didn't qualify.

Inviere

https://www.boards.ie/discussion/comment/122195427#Comment_122195427

Just on this, so if I add:

"Reckonable Contributions for Pension"

and

"Reckonable Credited Contributions"

I get a figure that matches up with the first column "Total Pension Contributions".

Does that seem correct yes?

What's confusing me is the column "Paid Contributions", in which for example in 2017 it lists 62A class contributions, and 8J class contributions. Further down it mentions that J class contributions dont count towards the Pension....and I'm not sure why they're there...

coylemj

What's confusing me is the column "Paid Contributions", in which for
example in 2017 it lists 62A class contributions, and 8J class
contributions. Further down it mentions that J class contributions dont
count towards the Pension....and I'm not sure why they're there...

They're there because the chart shows you all of your contributions and credits, including those which do not count for the state pension.

Inviere

https://www.boards.ie/discussion/comment/122197096#Comment_122197096

Info online suggests J class contributions are paid to people who earn less than 38 euro per week, which wasn't the case for me in 2017. So I'm not sure what they relate to, but I guess that's a question for Revenue really

SharkMX

How do you work out what you would get if you had say only 2000 or 1500 contirbutions?

loyatemu

https://www.boards.ie/discussion/comment/122197160#Comment_122197160

divide by 2080 and multiply by the full pension amount. So if you have 1040 contributions, you'll get half the weekly amount. This is the "total contributions" method of calculation that they're using going forward.

(if you're retiring fairly soon, you may be able to claim using the old averaged method which worked out better for people with low contributions).

You also have the option now of working past 66, up to age 70, and getting a higher pension, but most advisors seem to think this is a bad value option as you'll still be paying PRSI.

https://www.boards.ie/discussion/comment/122197035#Comment_122197035

I assume you mean 52Aclass contributions..

Yes it is very confusing.. so many columns, all I wanna know is one..

Seems I have another 676 contributions to make to reach the magic 2080!

Inviere

https://www.boards.ie/discussion/comment/122197325#Comment_122197325

Nope, bizarrely it says 62. Revenue systems permanently baffle me sadly.

https://www.boards.ie/discussion/comment/122197343#Comment_122197343

lol thats mad… but good for you :)