Pension Combination

A

ask73

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I have worked in the private sector for 12 years and paid all my PRSI contributions. I have recently joined the public sector where your nett pension is combined with your state old age pension. Has anyone any idea how I can ensure my stamps paid while working in the private sector can be capatilised on retirement outside the public sector pension
 
ask73 said:
Has anyone any idea how I can ensure my stamps paid while working in the private sector can be capatilised on retirement outside the public sector pension
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What do you mean by "capitalised"? As long as your PRSI contributions were remitted (check your payslips, P60s (if available) and/or ask Social Welfare how your contribution history reads) then these automatically go towards your contributory pension entitlements.

Retired or Older People
 
As you recently joined the public sector, you will pay class A PRSI contributions, and you should get a PRSI pension at 65/66, as normal.

Your 12 years of contributions are not lost or dead.

You will also receive an occupational pension from your public sector employer, based on your salary and how many years contributions paid.

The pensions are "integrated" or "co-ordinated", meaning that the 10k annual PRSI pension replaces the first 20k of salary from your job. So your occupational pension is based on the balance of your salary (nett salary).

Nett salary for pension purposes = gross less (2*OACP)
 
Thanks Clubman for that link. I will follow it up.

Do you have any idea if I need to do anything to keep the payments made prior to joining the public sector alive for retirement?
 
There are 3 main conditions for getting a PRSI pension:

1 - start paying PRSI before age 55

2 - have 260 weeks paid contributions (520 weeks after 2012)

3 - have an average of at least 48 contributions per year from the time you started paying PRSI to when you claim the PRSI pension.

Your previous PRSI contributions are "in the bank". You can not lose them.

What you have to do is keep paying PRSI to make sure you fulfill condition no. 3, so as to get the pension.
 
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