I’m aged 59 now and spent 14 years working in the UK so this means it’s impossible for me to max out on the Irish State Pension under the TCA calculation method. At the moment I have about 1400. I have no plans to work any more other than some short term contracts if I get bored. I’m getting PRSI credits when not working.
I plan to begin drawing two occupational schemes at age 61. These are an Irish PRSA and a British DB scheme. I had assumed that normal class A PRSI deductions would apply to this income thereby continuing to build my PRSI record towards the Irish Contributory State Pension.
A little bit of research today seems to bring some good and bad news. It appears that this type of income is charged at PRSI Class M. From what I can see Class M is zero rated (0%) - the good news......but that I will no longer be adding to my PRSI record to help my contributory state pension. (Bad news).
If someone who feels they understand this PRSI scenario well could confirm my conclusions, I’d appreciate it. Thanks.
I plan to begin drawing two occupational schemes at age 61. These are an Irish PRSA and a British DB scheme. I had assumed that normal class A PRSI deductions would apply to this income thereby continuing to build my PRSI record towards the Irish Contributory State Pension.
A little bit of research today seems to bring some good and bad news. It appears that this type of income is charged at PRSI Class M. From what I can see Class M is zero rated (0%) - the good news......but that I will no longer be adding to my PRSI record to help my contributory state pension. (Bad news).
If someone who feels they understand this PRSI scenario well could confirm my conclusions, I’d appreciate it. Thanks.
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