Pension income is assessable for tax, yes.is that then taxable?
Depends on your PRSI contributions........will i qualify for contributory pension as well.
If that's what the statement is saying and it's not an estimate/projection then why do you doubt it?Anyways, my pension statement shows that my DB will be E9819.85 p.a. - could this be right?, that would be about 800 euro per month
Anyways, my pension statement shows that my DB will be E9819.85 p.a. - could this be right?
I would have paid 24 years class a contributions and i am now being credited directly by welfare for 52 weeks each year if that makes sense?
Teresa.
Do you mean that you are now on some social welfare payment that comes with PRSI credits?i am now being credited directly by welfare for 52 weeks each year if that makes sense?.
I hope I don't sound rude but why haven't you worked since 2013?Hi all, i left one of the financial institutions in 2013 - have not been in paid employed since. I had worked with this institution since 1990 but pensionable service did not start until 1992. Anyways, my pension statement shows that my DB will be E9819.85 p.a. - could this be right?, that would be about 800 euro per month - is that then taxable?.......will i qualify for contributory pension as well.
Any help appreciated, it double dutch to me. I also have 31k in an AVC which i cannot access until retirement.
Thanks guys
Buddy
No not on any social welfare payment at all but get called annually to SW office to sign.Do you mean that you are now on some social welfare payment that comes with PRSI credits?
I was full time carer for my parents from 2013 to 2016 with no payment from SW as was over the threshold for carers allowance, after they passed away within3 days of each other which was very traumatic so at that point after a very busy 3 years I decided to take some time for myself. I do a huge amount of voluntary work and am lucky that my husband can support both of us.I hope I don't sound rude but why haven't you worked since 2013?
I too haven't worked since 2007 but was sick until 2013 , our means prevent me from getting anything by way of Social Welfare despite working since 1987 until 2007 when I got sick but I do " sign " on annually for " credits " is my situation like yours?
Same as me, well keep signing on for the credits so you will get what your entitled too when the time comes.I was full time carer for my parents from 2013 to 2016 with no payment from SW as was over the threshold for carers allowance, after they passed away within3 days of each other which was very traumatic so at that point after a very busy 3 years I decided to take some time for myself. I do a huge amount of voluntary work and am lucky that my husband can support both of us.
Thank you for that.Same as me, well keep signing on for the credits so you will get what your entitled too when the time comes.
On the pension I wouldn't be an expert but congratulations on the voluntary work, like you I do a bit also and I feel it gives a sense of purpose.
You've been through a lot and perhaps the pension will allow yourself and husband to enjoy life a bit more, I know my parents used my father's pension for travelling 4 or 5 times a year and his pension was lower than yours.
Take Care.
I see. Can anybody shed light on this scheme?No not on any social welfare payment at all but get called annually to SW office to sign.
Its simply to keep your " stamps" accumulating so that when its time one gets the contributory pension. Theres no payment.I see. Can anybody shed light on this scheme?
I presume it's not the one where one can purchase additional stamps?
But how does that work?Its simply to keep your " stamps" accumulating so that when its time one gets the contributory pension. Theres no payment.
Try to use the taxable portion of your AVCs to set up an ARF before the year you reach age 63. If you can do this you will get "paid S class" Prsi contributions. If you get 52 S contributions in your 63rd year, you can qualify for the Benefit payment for 65 year olds. It is important to set up your ARF to monthly drawdowns in order to get the 52 S class contributions per year.I also have 31k in an AVC which i cannot access until retirement.
Normally to "sign on" for credits only, you still need to be available for and genuinely seeking employment. However if you are aged 62 or over you should NOT be required to take part in the "activation process" (ie be actively seeking employment).But how does that work?
Why would anybody purchase stamps for 6.6% of previous income or €500 p.a. if they can get them for free?
Surely there some qualifying conditions for these credits?
And surely if I'm not working I can't just rock up to SW and say "can I have a year's worth of free PRSI contributions please?".
Exactly... You are still seeking employment opportunities but your husband /wife would be earning to much for you to qualify for a means tested payment....Normally to "sign on" for credits only, you still need to be available for and genuinely seeking employment. However if you are aged 62 or over you should be required to take part in the "activation process" (ie be actively seeking employment).
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