Case study Irish/ UK Pension

[I'm Nobody]

Hi
I have just been contacted by Social Protection - they say I have 668 Paid / Reckonable contributions (average 14 years) giving me 106 euro p/week.
Does this sound right ?

I'm sorry I don't know?
I have 572 reckonable paid contributions, giving me a yearly average of 18. Plus 12 years Home Caring Periods
That's my reading of it.
Someone wiser then me hopefully will have an answer

 

[Lisgoold]

Hi
I have just been contacted by Social Protection - they say I have 668 Paid / Reckonable contributions (average 14 years) giving me 106 euro p/week.
Does this sound right ?

Are you at the age now to claim that? Or are you already getting it?

 

[dave28]

Are you at the age now to claim that? Or are you already getting it?

I'm already getting it ...... I reckon my average is low because......I started paying PRSI as a partime worker / student at 16, so my average is worked out over a full 50 years (16 to 66) !! most of my career was Civil Service which doesnt count

 

[Lisgoold]

@Allpartied
Thanks for that link. I'd not seen that before, and had been wondering how they would transition.

So, if that's what they do, I think mine would be something like this.

Reach state pension age in 2025. First PRSI paid in 1990.
887 contributions.

So, just assuming state pension figure is as it is today at 265 Euro. If they use TCA,
887÷2080 works out at 42%, so it would pay €111 per week.

If they use the average method, then it's 887÷ 35 (number of years)=25. So would pay €225 per week. Quite a difference to €111.

Using the method in that link, reaching pension age in 2025, Would be 80% of the average figure, so that would be €180, plus 20% of the TCA figure, €22, so a total of €202.

I think I've got that about right. If I'm still around in 2025, and this forum is too, I'll report back what actually happens!