Maintaining PRSI Record Options

J

Jordan Belfort

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I recently was made redundant and am receiving jobseekers benefit for remainder on 2023. I have rental income which I believe will give me 52 Class S contributions in 2024 and future years, as long as I don't make even a single PAYE Class A contribution.

Is it correct that rental income will give me 52 Class S contributions? ( assuming I get no Class A contributions as they would convert Class S to useless Class J)
If I work self employed part time will those earnings impact the 52 Class S from rental income ?

If I did want to do part time PAYE work, maybe 20 weeks, can I make voluntary contributions to get 52 class A contributions ?
How much would this cost ? Would it be 6.6% of my 2022 earnings (including pay and redundancy) or is it 6.6% of the previous years earnings ?
 
How many years of full rate paid contributions do you have ?
These could be A or S class.
You could be in a position where A class credits might be all that you need.
You can have A class credits in any year which also includes S class.
You can be in both the A class and S class systems at the same time.
If you already have sufficient full rate paid contributions, simply continuing to sign on for A class credits would guarantee you get your 52 reckonable contributions per year at no cost.
If you don't have enough full paid contributions, continuing to sign on for A class credits would at least allow you to gain 52 reckonable contributions for any year (as a mix of paid and credits) where you had some A class employment in that year.
Unlike fully paid A class contributions A class credits will also not cause your S class rental contributions to convert to K class.
 
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Thanks a million. This is great information on a really complex topic......

I have about 1500 Class A contributions and would have about 5 years of Class K ( Rental ) while I was getting Class A from employment. Normal retirement age is more than a decade away.

Next question. How do I sign for class A credit once my JB runs out. I will not get any JA payment as it's means tested.
Is that a once a year sign on or weekly and would I be pushed to find work in a full employment economy ?
 
Phone your local Intreo center and say you want to sign on for credits. They will send you the application form.
Sign on for credits is once per year.
At age fifties you probably won't get much hassle.
 

S class said:
Phone your local Intreo center and say you want to sign on for credits
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DSP will write informing you when the JB is coming to an end and outline options. You can choose the signing for credits route then. The same conditions apply as for JB or JA, ie, being available for and looking for work. The level of activation can vary and may be minimal. Signing is once a year.
 
Does anyone know for how many years someone can sign for credits ? In my case I 1500 paid A contributions but can't find anywhere the criteria to continue signing for credits. Thanks in advance
 
Jordan Belfort said:
Does anyone know for how many years someone can sign for credits ? In my case I 1500 paid A contributions but can't find anywhere the criteria to continue signing for credits. Thanks in advance
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The criteria are unemployed and actively seeking work. As long as you satisfy these conditions, there’s nothing to preclude you from signing for credits indefinitely.
 
Jordan Belfort said:
Does anyone know for how many years someone can sign for credits ? In my case I 1500 paid A contributions but can't find anywhere the criteria to continue signing for credits. Thanks in advance
Click to expand...
You can sign on for credits until age 66.

The maximum class A credits reckonable using the Total Contributions (TCA) calculation is 520 (10 years).

If the credits relate to a Homecaring period the maximum reckonable is 1040 (20 years).
 
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I’m not sure if I should start a new thread but I’ll start here. I am currently engaged with the DSP with regard to missing credits on my social insurance record. I was on holidays on the two occasions in question. So far DSP has intimated that I “may not be entitled to credits while on holidays”.

Does anyone know if this is the case and are there rules anywhere on line that might explain when a claimant may or may not be entitled to credits in these circumstances?
 
Were you paid for all the holidays ? My understanding is you are allowed 2 weeks per year, otherwise you can take them but you don't get paid. I'm guessing this is what happened and you won't get more than 2 weeks in a year afaik.
 
elcato said:
Were you paid for all the holidays ? My understanding is you are allowed 2 weeks per year, otherwise you can take them but you don't get paid. I'm guessing this is what happened and you won't get more than 2 weeks in a year afaik.
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Hi thanks for reply. In fact I didn’t get paid as on one occasion (2018) I was unaware I could claim two weeks holiday pay. On the second occasion they didn’t pay even though I applied. I’m querying this.

My question is not about holiday pay though. It’s the point that they seem to be making about entitlement (or not) to credits while on holiday.
 
S class said:
You can sign on for credits until age 66.

The maximum class A credits reckonable using the Total Contributions (TCA) calculation is 520 (10 years).

If the credits relate to a Homecaring period the maximum reckonable is 1040 (20 years).
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S Class,
Has anything changed on class S getting converted to class K when there are any class A contributions. I looked at my PRSI contribution record and I see both class A and class S last year. Every other year is class A and class K
Thanks
 
If you have class S from an ARF or earned self employment you can also have class A. It's when you only have class S from unearned income that class A will convert the class S to class K.
Has your mix of earnings changed for last year ?
I don't know of any changes to the prsi rules recently.
 
I had a mix PAYE, Jobseekers Benefit, greater than 5k rental and about 1k earned self employed that was filed under other income so a good few changes last year......However my wife's circumstances have not changed at all in last number of years with PAYE + rental. Other years she shows 52A+52K but last year she too is showing up as 52A+52S....Maybe they have not automatically changed them to K and than might happen later in the year
 
Yes you are okay with the earned self employment income. In you wife's case they might have made a mistake. That might be corrected later in the year or it might go unnoticed. The rules for this are difficult and it's quite possible that some DSP staff get confused and make errors adding the yearly prsi. My investment income prsi for 2022 only appeared on my prsi record in late December 2023.
So possibly something might change in your wife's record in December.
 
@S class I checked my contribution record for 2023 again and am still showing 52A and 52S (rental) so the Class S still does not seem to have converted to Class K

I check my wife record and the exact same for 2023 as she has rental income too.
20235252 A, 52 S

I wonder has something changed that A stamps are not causing S to convert to K?? ......In all previous years it was 52 A, 52 K
 
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