Contributory Pension advice utilising ARFs

[november16]

Hi All
I have 7 years P.R.S.I. Paid towards contributory pension, prior to my public sector employment. Am Civil Servant age 63. I will have a Small civil service pension ref 28 year approx.

I’m looking at options to get to the 10 year 520 P.R.S.I. requirement for partial contributory pension.

Previously the option/obligation to pay P.R.S.I. Stopped at age 65/66 ref paying P.R.S.I

Have small PRSA A.V. C of €10,000 at present.
If I took out an ARF of €30,000, withdrew €5,000 per annum and paid the P.R.S.I. from age 66 to 69. Would that qualify me for Contributory pension?. The option and lightly hood of gaining paid A rate P.R.S.I employment after retirement, seems unlightly for a lot of reasons, so am looking at options re enhancing the contributory pension. Any advice appreciated particularly S class Thanks.

 

[S class]

Without doing anything else you will qualify for a pro rata pension. This would get you roughly 40 euro per week.

You can maximise your tax allowable AVCs for 2023 and continue this until you retire.
This should get you enough AVCs

If you then have enough AVCs after claiming any extra available tax free lump sum, you can set up your ARF and carry out your plan to drawdown 5000 euro per year.

You need approximately 3 more years.
Be carefull to ensure that the three extra years get you to 520. It is possible you might need a fourth year.

So you need a surpus in your ARF of 15000 euro or mabye 20000 euro.
You would need to allow a little extra to allow for variations in the value of your ARF.
You are correct that you will get reckonable Prsi on your ARF up to age 70.

 

[november16]

Thanks very much S Class this is very valuable information. I really appreciate your information it will make a huge difference to me. I will investigate the 4 th year possibility.