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State pension

24

Comments

  • #32
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    Portsalon wrote: »
    First register on https://www.mygovid.ie

    then, once registered and validated, you can go to mywelfare.ie and look it up yourself.

    Or do it the way that splinter suggested above.

    To be able to do that you need to have a public services card.
    The whole thing is worthless without it.
    No card- no look-up of your contributions!


  • #33
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    hawthorne wrote: »
    To be able to do that you need to have a public services card.
    The whole thing is worthless without it.
    No card- no look-up of your contributions!

    I just discovered that... I don't have a PSC


  • #34
    TimeToShine
    Registered Users, Registered Users 2 Posts: 4,880 ✭✭✭TimeToShine


    Portsalon wrote: »

    Note that the state pension qualifying age will be 67 after 01/01/2021 and 68 after 01/01/2028.

    At that rate of increase it makes you wonder if it’s worth it for young people investing in a pension if they won’t get their hands on it until 72/73.


  • #35
    Varta
    Closed Accounts Posts: 516 ✭✭✭Varta


    splinter65 wrote: »
    Self employed people can make voluntary contributions.
    Self employed people can make SW applications, many do and are awarded JSA.
    They are also no entitled to Invalidity Pension.

    The point I made was that if you stop those voluntary contributions when you have reached forty years worth, but are not yet 67 (68, etc) your average starts to go down. Therefore you are forced into an overpayment situation. Also making voluntary payments when you have no income is a bit tricky. And yes, you can have no income as a self-employed person and still fail to qualify for JSA. You can only qualify for an invalidity pension if you cannot work through invalidity.


  • #36
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    Squall Leonhart wrote: »
    I just discovered that... I don't have a PSC

    Just fire them off a quick note and they’ll send you your record in the post. Everyone in their 30s really needs to know where they stand.
    Believe me, the next 20 years disappear in a puff of smoke....


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  • #37
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    Varta wrote: »
    The point I made was that if you stop those voluntary contributions when you have reached forty years worth, but are not yet 67 (68, etc) your average starts to go down. Therefore you are forced into an overpayment situation. Also making voluntary payments when you have no income is a bit tricky. And yes, you can have no income as a self-employed person and still fail to qualify for JSA. You can only qualify for an invalidity pension if you cannot work through invalidity.

    The new TCA approach will solve that problem. There will be no average anymore. All what is counting will be your contributions and reckonable credits.


  • #38
    Portsalon
    Closed Accounts Posts: 687 ✭✭✭Portsalon


    TimeToShine wrote: »
    At that rate of increase it makes you wonder if it’s worth it for young people investing in a pension if they won’t get their hands on it until 72/73.

    The state pension age of 68 is guaranteed until at least 2035.

    After that, I suspect that the looper left wing parties will be in power, so pensions will probably be payable to anyone aged 16 or older. Happily, that will be long after my ashes have been scattered over Dunlewy lough.


  • #39
    Portsalon
    Closed Accounts Posts: 687 ✭✭✭Portsalon


    hawthorne wrote: »
    To be able to do that you need to have a public services card.
    The whole thing is worthless without it.
    No card- no look-up of your contributions!

    Oops! :P

    It never even struck me that any intelligent, non tinfoil hat wearing, citizen wouldn't have bothered to obtain a PSC at this point in time!


  • #40
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    Portsalon wrote: »
    The state pension age of 68 is guaranteed until at least 2035.

    After that, I suspect that the looper left wing parties will be in power, so pensions will probably be payable to anyone aged 16 or older. Happily, that will be long after my ashes have been scattered over Dunlewy lough.

    ...and me too!


  • #41
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    Portsalon wrote: »
    Oops! :P

    It never even struck me that any intelligent, non tinfoil hat wearing, citizen wouldn't have bothered to obtain a PSC at this point in time!

    Never needed one. I won't bother until I am forced to get one.


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  • #42
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    Portsalon wrote: »
    Oops! :P

    It never even struck me that any intelligent, non tinfoil hat wearing, citizen wouldn't have bothered to obtain a PSC at this point in time!

    Harsh! I'm not a tinfoil hat wearer and think I'm intelligent, just never needed one for anything. I'm not against them at all


  • #43
    [Deleted User]
    Posts: 17,847 ✭✭✭✭ [Deleted User]


    hawthorne wrote: »
    Never needed one. I won't bother until I am forced to get one.

    And no doubt, complain loudly about the delay in receiving your payment.


  • #44
    Portsalon
    Closed Accounts Posts: 687 ✭✭✭Portsalon


    Squall Leonhart wrote: »
    Harsh! I'm not a tinfoil hat wearer and think I'm intelligent, just never needed one for anything. I'm not against them at all

    My apologies. My comment was intended to be flippant, but on reflection was definitely a trifle on the harsh side.


  • #45
    Portsalon
    Closed Accounts Posts: 687 ✭✭✭Portsalon


    hawthorne wrote: »
    Never needed one. I won't bother until I am forced to get one.

    Sounds rather like the lad who never bothered to take out life assurance because he had never needed it!


  • #46
    LuasSimon
    Closed Accounts Posts: 1,208 ✭✭✭LuasSimon


    If I am now 50 and have been working full time since I’m 18 does that mean for pension purposes I have accumulated 32/45ths of the state pension when I get to 68 already ??
    Or if you start at 18 and don’t get pension till 68 it’s 50ths ?


  • #47
    Portsalon
    Closed Accounts Posts: 687 ✭✭✭Portsalon


    LuasSimon wrote: »
    If I am now 50 and have been working full time since I’m 18 does that mean for pension purposes I have accumulated 32/45ths of the state pension when I get to 68 already ??
    Or if you start at 18 and don’t get pension till 68 it’s 50ths ?

    Under the proposed TCA system, once you have paid PRSI for a full 40 years you'll be entitled to the full pension. So, if you continue in employment until you are 58, your 40 years of accumulated PRSI will entitle you to receive the full Contributory State pension when you turn 68.

    (Note that the PRSI contributions that you will continue to pay between age 58 and age 68 will have absolutely no effect on the amount of pension that you will receive.)


  • #48
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    LuasSimon wrote: »
    If I am now 50 and have been working full time since I’m 18 does that mean for pension purposes I have accumulated 32/45ths of the state pension when I get to 68 already ??
    Or if you start at 18 and don’t get pension till 68 it’s 50ths ?

    We still don't know what the final calculation for the TCA will be. At the moment they have it on 40 years. They might also go for 35,32 or 30 years in the final version. This will be decided soon- so the DoSP says.
    If you started working at the age of 18 and if you are 50 now, you would have 32/40th of the full pension accumulated. The count stops at 40 years- all other time will be disregarded at the final count.
    40/40th give you Euro 248.30 per week at the moment. You cannot get more than that out of this system.


  • #49
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    Portsalon wrote: »
    Sounds rather like the lad who never bothered to take out life assurance because he had never needed it!

    LOL!
    I don't have that either. That is something for rich people. Us paupers don't have the dosh to feed the insurance mafia.


  • #50
    karenalot
    Closed Accounts Posts: 196 ✭✭karenalot


    How does contributory and non contributory work on the TCA?

    Going by today’s pension rates, let’s say I work for 30 years out of 40 years required. This would give me 75% of the current €248.30 contributory pension which equates to €186 a week.

    If I don’t work at all during my lifetime would I get the non contributory which is €236? Also is anything under 10 years of employment considered as non contributory?


  • #51
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    karenalot wrote: »
    How does contributory and non contributory work on the TCA?

    Going by today’s pension rates, let’s say I work for 30 years out of 40 years required. This would give me 75% of the current €248.30 contributory pension which equates to €186 a week.

    If I don’t work at all during my lifetime would I get the non contributory which is €236? Also is anything under 10 years of employment considered as non contributory?

    No TCA system on the non-contributory pension. Yes- you would get the full rate if you did not work a single day in your life but fulfill all the necessary regulations. It is means tested.

    Anything under 10 years of contribution will not give you anything on the contributory pension system. 10 years is the minimum you have to have paid in.
    If you only have under 10 years paid in on your pension day, you can only apply for the non-contributory pension.
    If you have 10 or more years clocked up on pension day, you can decide for which pension system you want to go.


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  • #52
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    karenalot wrote: »
    How does contributory and non contributory work on the TCA?

    Going by today’s pension rates, let’s say I work for 30 years out of 40 years required. This would give me 75% of the current €248.30 contributory pension which equates to €186 a week.

    If I don’t work at all during my lifetime would I get the non contributory which is €236? Also is anything under 10 years of employment considered as non contributory?

    That €237 is means tested.


  • #53
    karenalot
    Closed Accounts Posts: 196 ✭✭karenalot


    hawthorne wrote: »
    No TCA system on the non-contributory pension. Yes- you would get the full rate if you did not work a single day in your life but fulfill all the necessary regulations. It is means tested.

    Thanks. From that it seems anyone who retires with 10 - 30 years employment and not the full 40 could be under severe financial pressure, unless they have an occupational or personal pension coinciding.


  • #54
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    karenalot wrote: »
    Thanks. From that it seems anyone who retires with 10 - 30 years employment and not the full 40 could be under severe financial pressure, unless they have an occupational or personal pension coinciding.

    Correct.
    Thats why the new system is not fully in place. A lot of opposition from FF and some social organisations.
    We might be in for a longer transition phase or some other surprises.


  • #55
    pummice
    Registered Users, Registered Users 2 Posts: 277 ✭✭pummice


    So currently for someone who reaches 66/67/68 today, they need 30 years contributions for a full state pension (contributary). And there is a proposal to change this from 30 years to possibly 40 years some time in the future. This is a major change with consequences for people nearing retirement age. Surely they would need to give at least 10 years notice for this change so people can prepare for it?


  • #56
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    pummice wrote: »
    So currently for someone who reaches 66/67/68 today, they need 30 years contributions for a full state pension (contributary). And there is a proposal to change this from 30 years to possibly 40 years some time in the future. This is a major change with consequences for people nearing retirement age. Surely they would need to give at least 10 years notice for this change so people can prepare for it?

    They have been talking about it for nearly 10 years but no, they wouldn’t “have” to give 10 years notice.
    If you have 40 years contributions you will get the full pension.
    If you have say, 32 years, then you will get 32/40ths of the full pension. You will have to have 10 years contributions to get any state pension con at all but that’s been the way for around 10 years anyway.
    You can claim full credit for up to 20 years if you were not making a contribution but at home minding a child under 12 or an adult that needed full time care, or claiming aSW payment and getting a credit, or combinations of these.


  • #57
    Dodge
    Registered Users, Registered Users 2 Posts: 10,818 ✭✭✭✭Dodge


    pummice wrote: »
    So currently for someone who reaches 66/67/68 today, they need 30 years contributions for a full state pension (contributary). And there is a proposal to change this from 30 years to possibly 40 years some time in the future. This is a major change with consequences for people nearing retirement age. Surely they would need to give at least 10 years notice for this change so people can prepare for it?

    It is not true that 30 years now gives full pension (nor has it ever been true). It is currently 40 years (TCA) or average of 48 cons since entering SI

    There are credits available too and most people work more than 40 years so it won’t effect too many. It might effect you but that’s your own business really.

    As has been said what happens in the future, including the move Fully to TCA is anyone’s guess at the moment


  • #58
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    They won't tell us anything this side of the GE.
    The proposed changes are too cruel for a number of people.


  • #59
    Dodge
    Registered Users, Registered Users 2 Posts: 10,818 ✭✭✭✭Dodge


    hawthorne wrote: »
    They won't tell us anything this side of the GE.
    The proposed changes are too cruel for a number of people.

    The TCA system is inherently fairer. Obviously we don’t know the new proposal but the idea itself is a great one.


  • #60
    splinter65
    Registered Users, Registered Users 2 Posts: 9,420 ✭✭✭splinter65


    hawthorne wrote: »
    They won't tell us anything this side of the GE.
    The proposed changes are too cruel for a number of people.

    How are they cruel?


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  • #61
    hawthorne
    Registered Users, Registered Users 2 Posts: 645 ✭✭✭hawthorne


    Dodge wrote: »
    The TCA system is inherently fairer. Obviously we don’t know the new proposal but the idea itself is a great one.

    It is grossly unfair for people who have been out of work due to no fault of their own.
    Anyone who was sick for a good number of years is loosing heavily under the new system.
    Anyone who worked outside the state in a country with no pension agreements with Ireland for a number of years will loose all those years.
    There should be a a number of years with a transition period to bring in the new system. In comments from the Septembre 2018 survey I saw many organisations proposing a period of 7 to 9 years.


This discussion has been closed.
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