making sense of pension statement.

bstop

Registered User
Messages
361
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).
People over age 62 are not required to actively engage.
 

elcato

Moderator
Messages
3,813
Normally to "sign on" for credits only, you still need to be available for and genuinely seeking employment.
I, too, am curious. I asked for my PRSI record a while back and I got no credits for the 18 months of signing on prior to going to college. I was on jobseekers assistance at the time rather than dole stamps as I returned from abroad (circa 1992). Should they be deemed as contributed years ?
 

bstop

Registered User
Messages
361
There are qualification criteria before being eligible for credits. You need a certain number of paid contributions first. Credits are not automatically given with Jobseekers assistance.
 

Buddy2022

New Member
Messages
7
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.

The 65 year olds Benefit would give you a payment of 208 euro per week for a full year.
How does that work or where would I get further information about this.
 

bstop

Registered User
Messages
361
You can setup an ARF through a broker. Check for information on Zurich or Irish Life websites. Google "Benefit payment for 65s" for information on how to qualify. There are threads on askaboutmoney on these topics.
 

Buddy2022

New Member
Messages
7
You can setup an ARF through a broker. Check for information on Zurich or Irish Life websites. Google "Benefit payment for 65s" for information on how to qualify. There are threads on askaboutmoney on these topics.

Approved Retirement Fund (ARF)​

With an ARF you are re-investing your retirement fund. You can choose to take a regular income from this fund. To start an ARF you must have a guaranteed pension income for life of €12,700 a year (from other sources than your ARF investment) or used €63,500 from your retirement fund to buy an annuity.



I don't have a guaranteed pension of E12700 per annum?
 

Groucho

Registered User
Messages
190

Approved Retirement Fund (ARF)​

With an ARF you are re-investing your retirement fund. You can choose to take a regular income from this fund. To start an ARF you must have a guaranteed pension income for life of €12,700 a year (from other sources than your ARF investment) or used €63,500 from your retirement fund to buy an annuity.



I don't have a guaranteed pension of E12700 per annum?

That requirement was abolished with effect from 1 Jan this year!
 

bstop

Registered User
Messages
361
As Groucho says that rule no longer applies. You stated that you had AVCs of 31k. If you keep a minimum of 10k in your AVCs after taking your tax free lump sum, you will be able to set up an ARF. Irish Life allow this. Zurich state that the minimum ARF they will set is for 20k. But I know from experience that if asked they will set it up for a lower value.
Some people will tell you that you need a minimum drawdown of 12500 euro per year from an ARF to gain 52 S class Prsi contributions each year. This is incorrect.
Provided that you take monthly drawdowns from the ARF you will gain 52 S class contributions per year regardless of how small each monthly drawdown is.
 
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