transition pension

L

lillian

Guest
I will be 65 in August and have been informed I will recieve $230 transition pension will this automatically transfer to contributary pension next year when I am 66. I have around 320 credits but next year from April will need 520 credits to qualify for contributary pension. Can anyone clarify this for me.
 
  • A person reaching age 66 on or after 6 April 2012 must have paid 520 full-rate employment contributions, or, if at least 260 full-rate employment contributions are paid, the balance of the 520 can be made up with high rate voluntary contributions
Note: There is one exception. Persons who:

  • commenced paying high rate voluntary contributions on or before 6 April 1997, and
  • have 156 full-rate employment contributions paid, and
  • have a yearly average of 20 contributions or more will satisfy this condition if they can make up the balance of the 520 with high rate voluntary contributions.
 
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