If you have a work pension does it stop you from getting an old age pension?

[dollyclare]

If you have a work pensiondoes it stop you from getting an old age pension,or do they means test and give you the higher pension amount.
Also,with all this talk of building up your pension for the future,is it possible to build up a pension that you already have(from work) so that later on in life the payouts will be bigger?

 

[ClubMan]

Re: if you have a work pension....

does it stop you from getting an old age pension,or do they means test and give you the higher pension amount.

The old age contributory pension is linked to PRSI contributions and is not means tested so is not affected by other savings or income etc. The old age non contributory pension is means tested and other means/income are taken into account when assessing applications. See Welfare for more.

Also,with all this talk of building up your pension for the future,is it possible to build up a pension that you already have(from work) so that later on in life the payouts will be bigger?

I don't understand this question. Perhaps you can explain/clarify?

 

[dollyclare]

Re: if you have a work pension does it stop you from getting an old age pension,

sorry about that I wasn't very clear. Example-I have a pension from work as I retired early.It is fairly small.I have a lump sum I would like to invest.Could I put it into some sort of scheme so that when I'm of oap age I could get a weekly sum to top up my existing work(and oap) pension.?.I know I could just lodge it into an acc.and withdraw weekly.But the interest rates are useless and its difficult for me to get out and about much.

 

[ClubMan]

Re: if you have a work pension does it stop you from getting an old age pension,

I have a pension from work as I retired early.

...

so that when I'm of oap age

Sorry - still confused. You say that you have retired but you are not an OAP yet. Can you explain please?

Do you mean that you are already retired and drawing a pension but have a lump sum that you want to invest judiciously so as to supplement your pension income now or in the future?

 

[justsally]

Re: if you have a work pension does it stop you from getting an old age pension,

Hello Dollyclare,

I will have to leave it to someone more experienced to advise you how best to invest your money, but perhaps I can give you a little help about your Social Welfare question.

Basically if you are entitled to Unemployment Benefit, now that you are no longer working, you will probably have enough contributions to enable you to claim either a Retirement Pension at 65 or and Old Age Pension at 66. No Benefits, be they unemployment or Pensions are means tested because they are based on your having made Class A P.R.S.I contributions. So nobody will be interested in what money you have saved. However, if you have not sufficient Class A contributions you can apply for Unemployment assistance and/or non contributory Retirement or Old Age pension. But, Assistance payments are means tested. Cheers

 

[dollyclare]

Re: if you have a work pension does it stop you from getting an old age pension,

Do you mean that you are already retired and drawing a pension but have a lump sum that you want to invest judiciously so as to supplement your pension income now or in the future?

Yes.

Due to ill health I had to retire very early and got a pension from my ex-employer.

I wondered about ways to make my weekly income bigger as I get older. As I have a lump sum now I thought I could invest in a pension fund or something. As far as I know now I haven't paid sufficient prsi in the past so I would be entitled to a oap non-con,which is means tested. Then my work pension would be taken into acc. and I would be given the highest of the 2.So basically I would be as well off then as I am now.(with the exception of possible free things oaps might be entitled to-)

 

[ClubMan]

Re: if you have a work pension does it stop you from getting an old age pension,

Yes.Due to ill health I had to retire very early and got a pension from my ex-employer.

Are you also entitled to any welfare payment in addition to your pension?

I wondered about ways to make my weekly income bigger as I get older.As I have a lump sum now I thought I could invest in a pension fund or something.

Perhaps a PRSA is an option although I'm not sure what, if any, tax/PRSI relief you might be entitled to. If you have an SSIA then perhaps the SSIA to PRSA [broken link removed] would be relevant to you?

 

[Murt10]

Re: if you have a work pension does it stop you from getting an old age pension,

sorry about that I wasn't very clear. Example-I have a pension from work as I retired early.It is fairly small.I have a lump sum I would like to invest.

How much are you getting per week from your employer at the moment?

What class of contribution were you paying when you were working? Were you working in the private or the public sector?

Are you married and is your spouse working/livingwith you?

Might you be entitled to Disability Allowance (means tested)?
http://www.welfare.ie/publications/sw29.html or Invalidity pension (non means tested) http://www.welfare.ie/publications/sw44.html

I think the amount of savings mentioned in the leaflet has been increased.


Murt

 

[dollyclare]

thanks folks.I'll think about all these suggestions.I possibly am entitled to an invalidity pension(not means tested).I have a long way to go to old age yet,so there's time to figure things out.thanks again.