ivannomonet
Registered User
- Messages
- 86
If I was to retire early using my DC pension scheme as income from 58
My question, If I was to retire early using my DC pension scheme as income from 58 , would I be eligible for the full State Contributory pension at 66,67, or 68 whatever the age may be if I haven't worked for the 10 years prior to application but have paid over 2080 contributions in total?
The Total Contributions Approach is in operation right now - in parallel with the Averaging Approach.By the time you reach State Pension age the State Pension will be based on a Total Contributions Approach. You will get 1/40 of the State Pension for each year's Contribution.
If you read my opening post I have a DC pension......The state pension would supplement that.What does it matter if you have 2080 contributions or 1500,
you will still be subsisting on this income.
A diet of cream crackers and hot water.
What about funding your own retirement, a private pension?
I dont get this obsession with the state pension.
A distribution from an ARF will be subject to PRSI at 4% until age 66 under Class S.
Class S contributions count towards the contributory state pension.
If your ARF drawdown is €12,500+ in a tax year, you should get stamps on your social insurance record equal to 52S, regardless of whether you drawdown in one amount or monthly amounts.
If your ARF drawdown is less than €12,500, my understanding is that you need to make monthly drawdowns to get the full 52S on your social insurance record.
Irrespective of the PRSI paid on your ARF from your retirement age until age 66, if you reach pension age on or after 1 Sep 2012, you can be assessed for the contributory pension using the average method or the TCA method.
You have the full 2,080 contributions.
You have your statement from the DSP. It would be no harm to verify your understanding that you fully qualify with the DSP before you pull the trigger.
The state pension generally covers your basics of food, clothing , shelter,heat & electricity. It's good to have this in the bag. Your DC pension is then yours to to have the craic with or whatever you enjoy doing. The OP asks a good question.What does it matter if you have 2080 contributions or 1500,
you will still be subsisting on this income.
A diet of cream crackers and hot water.
What about funding your own retirement, a private pension?
I dont get this obsession with the state pension.
Sure it is, but that’s not relevant to the question asked.The Total Contributions Approach is in operation right now - in parallel with the Averaging Approach
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?