AMRF and concerns over advice given

A

annamaria

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I am 62 yrs old and having been self employed in a fairly precarious career most of the last 35 yrs, I only copped on to the need to think about pensions when I was 40. I took out a poor one with Norwich Union (50euros per month ) and when I was 50 got further advice from a recommended pensions advisor who advised terminating the contributions (freezing it I assume) and starting one with Zurich. Recently he advised stopping the monthly payments ( a250euros monthly and index linked) as it was not of tax benefit to me . His advice is for me to set up an AMRF as I would pay PRSI on the monthly income from it thus giving me entitlement to credits for the next 4 yrs. (It seems I am short of reconable stamps/credits for contributory pension entitlement.) What doesn't appeal to me is that I cannot receive an income from it until I reach 75. I would appreciate any advice.
 
Hi Annamaria,

I looked into this social welfare “jungle” a while back for a friend – I’ll dig out my notes. Just to be clear, I’m not an expert in this field but hopefully may be able to help you to make some progress in relation to this.

To get the ball rolling, can you advise please?

1. The month and year of your birth

2. Your relationship status

3. The age you first started making social insurance contributions

4. The total number of years that you have you made social welfare contributions

5. Whether you have you checked your social welfare record with the Department of Social Protection

6. Your employment/self-employment plans between now and retirement age?

7. The reasons for any gaps in social welfare contributions (e.g. say, for example, you were employed abroad, such contributions may help, etc.)


Also, in relation to your private pension – what is the approximate current fund value and in which specific fund is it invested?


Regards,

Dan
 
Last edited by a moderator:
Many thanks for taking the time to respond Dan. The following are answers to your questions:
1. 06/54
2.Married since 2016 (a very late starter!)
3. First made social welfare contributions at age 22.
4.38 yrs making contributions ie up to 2014
5. Yes and as I didn't find it easy to interpret went to Citizens advice who reckon I would need 1560 for max pension and to date it looks like I have 1462 contributions: combination of paid contributions and credits.
6.I'm living in the UK since 2011 as my now husband is English and works here. I have paid stamp here since 2011 and could combine with irish contributions but was trying to aim for the minimum of 10 qualifying years in th UK, keep the two pensions seperate. I will be in the UK paying class 2 stamp at least until March/April of next yr. 2017. At that point my husband has to work for approx 2 yrs in a non EU country and I'm not sure if I can make my class 2 contributions in the UK while not resident here. I will need to clarify that with HMRC here.( I will not have a work permit so employment out of the question.)
7.I'm a self employed actor so work record is erratic. No real gaps though....signed on for credits when not in employment.
8. The total pension fund:the grand total of 42,424 euros as of Dec 2015. It's a standard PRSA but I honestly don't know what kind of a fund it is apart from that.

I'm going to put my hands up and declare that when I took it out I was ignorant of how pensions work and thought I could draw down the cash on retirement. Outrageous I know but there you go.

I would appreciate if you can share your thoughts.
 
annamaria said:
I'm going to put my hands up and declare that when I took it out I was ignorant of how pensions work and thought I could draw down the cash on retirement. Outrageous I know but there you go.
Click to expand...

Hey Annamaria,

Don't be so hard on yourself......you're an actor......your job isn't to be concerned with such earthly concepts as the minutiae of pension and social insurance regulations!!

I am happy to try to help. Truth be told, I thought I'd kicked the can down the road a little by asking all those questions - wasn't quite expecting such a prompt reply!!

I'll revert over next few days.

Meanwhile, break a leg!

Dan
 
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