Moved to Australia - can I cash out my PRSI?

Hey all,

I moved to Australia 12 years ago and I just crunched the numbers and it seems I'll be quite a bit short of what I need on my Aussie Superanuation at retirement age (even though the thugs in charge here made it 70!)

I believe paid PRSI for 12 years in Ireland 8 years full time and 4 years part time employment. If I were to leave Australia I can declare I won't be coming back and get my Super fund paid out (less taxes).

I'm wondering can I do the same with PRSI? It's be a welcome boost to my Super if I could get a lump sum transfered into it.

No.

There is no fund of cash/assets with your name on it.

The PRSI pension in Ireland is unfunded.

What you should / may be able to qualify for is a reduced PRSI pension, based on your PRSI conts.

Ah right yea cheers... I kinda forgot how it all works back home

I'll probably be too senile to remember to claim it when I get to 66. Interesting that I'll be able to "retire" in Ireland 4 years before I can in Oz :/

You should be able to combine the Irish contributions with you new ones to help you qualify.

Bilateral social security agreements
Ireland has bilateral social security agreements with Canada, the USA, Australia, New Zealand, Austria, Japan, Republic of Korea and Quebec (which has a separate system from the rest of Canada). These agreements are broadly similar and they generally provide that social insurance paid in Ireland and the other country can be combined to help people qualify for old age and retirement pensions. Again, in general, the method of calculation is similar to the EU rules.

There have been changes to the age here too if you fit the category below.

• If you were born on or after 1 January 1961 the minimum qualifying State pension age will be 68

+1 above your irish contributions can be counted towards your aussie ones

Di0z,

I am fairly confident you will qualify for Irish Contributory pension.You probably have 12 @ 52 = 624 payments made.
Once you have over 520 you should qualify for a reduced pension. Depending on your age now, that could be 66.
Write to Dept of Social Protection, Buncrana , Co Donegal, and get a statement of payments you have made.

You can then juggle if it will be more profitable to take Irish and Australian pension or just add 12 years to Australian one.

ps. the cheek of you senile @ 66 ! (you will be surprised how time speeds up ! and you are the oul one!)

you can apply online on the department website for a statement of your PRSI payments, we did it and received the statements within a short time.