Old Age Pension (Contributory) Increase for Spouse

Billydog

Registered User
Messages
18
I will be due to claim for above later this year when I reach the age of 66. I have an occupational pension My wife has no income. We have deposits (over 100k) in joint names. The source of these deposits come solely from me being a redundancy package. Do I have to declare these in my claim for OAP and will that impact the increase for my wife. Should we transfer the deposits into my sole name before submitting a claim? Do the Dept cross check to see if deposits are held? Do the department take into consideration the source of the deposits? Any advice would be welcome.
 

Billydog

Registered User
Messages
18
Thanks but that's not contributory pension. I guess the real question is whether we should transfer the deposits into my sole name for the moment. Is there anything wrong in doing that? Particularly as I can prove the funds originated from me. Actual amount is well above 100k.
 

roker

Registered User
Messages
1,828
can you clarify if joint saving with spouse is taken as means ex. €40,000 in account is taken has half €20,000 or should we have separate accounts?
 

noproblem

Registered User
Messages
2,769
You're entitled to your contributory pension if your payments into it are what's required and is not means tested, but i've no idea what your wife is entitled to.
 

Billydog

Registered User
Messages
18
I am very sorry for not being clearer.
I am entitled to the contributory pension having made the necessary contributions over 40 years.
My query relates solely to us also getting an increase for my dependant wife. Our deposits in joint names would appear to precluded this. The deposits were put in joint names for the sake of convenience although all the money came from me. Joint deposits are taken into consideration in the means test for the the dependant spouse. To get around this I was suggesting we move these funds into my sole name and then can honestly say in the application that she does not have deposits. Is there anything wrong in doing this?
 

Conan

Registered User
Messages
1,348
In addition to the State Contributory Pension your wife could apply for Qualified Adult Dependant payment , but this is means tested on your wife’s means (not on your means).
so assuming she is not earning, and is financially dependent on you, then assets in her name or 50% of assets held jointly are considered. The first €20k is ignored (so is the family home), but above that, so long as she does not have assets exceeding c€57k, she would qualify.
if you/ she does apply for the additional payment, you will have to disclose assets (its part of the application form) and the Department will ask for copies of bank accounts etc going back c6 months. You could transfer some or all of the money into an account in your name only (between you and your conscience), but depending on the amount involved that may not be necessary.
 

noproblem

Registered User
Messages
2,769
As far as I know you're assessed as husband and wife but she may be entitled to an Adult Dependant payment and that's means tested.

Edit; Sorry, I see that Conan has answered already.
 

Billydog

Registered User
Messages
18
In addition to the State Contributory Pension your wife could apply for Qualified Adult Dependant payment , but this is means tested on your wife’s means (not on your means).
so assuming she is not earning, and is financially dependent on you, then assets in her name or 50% of assets held jointly are considered. The first €20k is ignored (so is the family home), but above that, so long as she does not have assets exceeding c€57k, she would qualify.
if you/ she does apply for the additional payment, you will have to disclose assets (its part of the application form) and the Department will ask for copies of bank accounts etc going back c6 months. You could transfer some or all of the money into an account in your name only (between you and your conscience), but depending on the amount involved that may not be necessary.
Thank you, That's very clear. My wife will not qualify for her Contributory Pension for another 5 years and probably longer with the age increasing- in the meantime she has no income. Unfortunately her 50% share of the assets would be well in excess of 57K. I note your comment in relation to the transfer of funds into my own name and the conscience aspect. I guess my point was that these funds were in effect mine and a few year ago when received I could just have easily have just put then into sole account in my own name. So I do not have a problem with my conscience. But illegality would be another matter altogether and I would certainly not do that.
 

Conan

Registered User
Messages
1,348
Just to be clear, your wife can apply for the Qualified Adult Dependant payment when YOU reach age 66. It not based on her reaching age 66. But she must meet the means test requirements.
But you say in your most recent post that your wife “will not qualify for her Contributory Pension for another 5 years”....so has she got Class A PRSI stamps in her own name? Will she qualify for a State Pension in her own right?
As regards transferring currently joint funds into your sole name, the Department do ask for financial evidence and do ask for copies of bank accounts going back at least 6 months.
 

Billydog

Registered User
Messages
18
Yes. My wife will qualify for contributory pension at age 66. - she has the necessary contributions. But she has a few years to go yet
 

Black Sheep

Registered User
Messages
2,299
The cut off point for an Increase for spouse is 57K as above that amount she would not be considered Dependent.
 

Billydog

Registered User
Messages
18
The cut off point for an Increase for spouse is 57K as above that amount she would not be considered Dependent.
I would be interested to see how the figure of 57K is arrived at. It is just a monetary limit or is there a calculation behind it? And if it's under 57K would she get the full increase or is it reduced?
 

gipimann

Registered User
Messages
4,860
In addition to the State Contributory Pension your wife could apply for Qualified Adult Dependant payment , but this is means tested on your wife’s means (not on your means).
so assuming she is not earning, and is financially dependent on you, then assets in her name or 50% of assets held jointly are considered. The first €20k is ignored (so is the family home), but above that, so long as she does not have assets exceeding c€57k, she would qualify.
if you/ she does apply for the additional payment, you will have to disclose assets (its part of the application form) and the Department will ask for copies of bank accounts etc going back c6 months. You could transfer some or all of the money into an account in your name only (between you and your conscience), but depending on the amount involved that may not be necessary.
Just for clarity, the OP's wife does not apply for a qualified adult payment. The OP applies when applying for his state pension. As mentioned, the qualified adult payment will be means tested. If a payment is granted, it will be paid to the OP's wife directly.
 

Billydog

Registered User
Messages
18
I would be interested to see how the figure of 57K is arrived at. It is just a monetary limit or is there a calculation behind it? And if it's under 57K would she get the full increase or is it reduced?
Sorry. I see where the figure comes from. It's the calculation of income from the assets to be below 100 euro a week.
 

Billydog

Registered User
Messages
18
Just for clarity, the OP's wife does not apply for a qualified adult payment. The OP applies when applying for his state pension. As mentioned, the qualified adult payment will be means tested. If a payment is granted, it will be paid to the OP's wife directly.
Thanks, It can be paid to either party with of course the spouses' agreement.
 
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