Post 95 retiree PRSI question

[stoves1]

i am a post 1995 retiree (Garda) past 4 yrs now aged 64, recieving my pension circa 23k plus my supplementary pension circa 13k , i do not pay prsi on either and when i,m 66 will recieve full contributory pension to replace my Supplementary.
My query and understanding is if i take up paid employment now, i loose 20% of supplementary amount for each day of week worked is that correct ie 60% for working 3 days?
Also if i take up employment will i have prsi deducted from my Garda pension as well as from employment i may take up?
Appreciate constructive answers please.

 

[S class]

My query and understanding is if i take up paid employment now, i loose 20% of supplementary amount for each day of week worked is that correct ie 60% for working 3 days?

I don't know the answer to this.

Also if i take up employment will i have prsi deducted from my Garda pension as well as from employment i may take up?

I presume that currently all your Garda pension, including supplementary pension is class M (no payment).

If you take up employment your Garda pension Prsi class M will remain the same. But some supplementary pension might be lost.

Your employment Prsi would be exactly the same as for a non pensioner.

 

[Saturn]

My query and understanding is if i take up paid employment now, i loose 20% of supplementary amount for each day of week worked is that correct ie 60% for working 3 days?

Yes, according to this Circular:

"The payment of an OSP should not cease, or be refused completely, where a pensioner takes up part-time employment. It is appropriate to calculate the amount of OSP payable on a pro-rata basis in such cases. The specific process (including frequency and Relevant Period) for applying pro-rata adjustments shall be determined by the relevant PPA, taking into account the operational requirements and administrative constraints to which that PPA is bound. Example: An individual works one (1) day a week in a normal five (5) day working week. They will be deemed to be working 20% of the normal working week and would have the OSP payable reduced by 20%."

Also if i take up employment will i have prsi deducted from my Garda pension as well as from employment i may take up

No.

 

[stoves1]

Many thanks for the replies, i just wished to check before i may decide to return to work and have no suprises if i do

 

[DingDing]

Yes, there will be a deduction to your suplementary pension. I retired from the higher education sector and I would do occasional work 1-2 days a month. I report to my pensions office a couple of times a year on the number of days worked and they make a deduction from the suplementary pension. Even a portion of a day results in a full days deduction. I am usually paid through the payroll of the employing companies.

I pay no PRSI on either my pension or suplementary pension, however I pay USC and PRSI on any days worked. As I pay 8% USC on any additional work, there is a balancing process at the end of the year.