Indeed and I am not questioning the balance sheet. It is just a factor for the poster to be aware of in making their decision.
They could reach approximately 13 years of Prsi contributions at age 70. This would allow a COAP of approximately €120 per week. It would be well worthwhile losing €400 per year to gain this.
Yes @Saturn I am aware if this but thanks to @S class I am also now aware that there is a way to qualify for a partial state pension in addition to my public sector pension. Many D rate PRSI payers who are close to retirement will have modest pensions due to missing service in the 1980s/early 90s when emigration was high and employment prospects were poor. It is good that there is now an option for some to build on their A rate contributions should they chose to do so. I am very lucky in that the gaps in my service will be compensated for by the time I spent in the UK in the early 90s but not everyone is so lucky. Thanks again for the time taken to reply to my queries.you may be aware of this already, but as things stand you will not qualify for any Irish State Pension.
Put your current Prsi and possible deferred Prsi contributions into the examples in these posts
I didn't think class D contributions had any bearing on the state pension. Whenever you get a chance could you explain this further? It is useful to know that I could possibly apply at 66.Because of your late start in Class D employment and getting change of status credits your total class D will be reduced.
This will somewhat increase your potential pro rata pension.
Thank you so much for alerting me to this. I was surprised to read that this condition applies to the pro rata pension, as under the state pension conditions there is nothing to stop people claiming a full rate UK and Irish state pension if they qualify. I probably won't pursue trying to qualify for a partial Irish State pension now, but hope the information will be useful for those who don't have UK pension entitlements.If your UK pension was higher than a possible Irish pro rata pension you would not qualify.
You will qualify for an Irish COAP alongside your UK one if you reach the 520 full rate paid contributions level.I probably won't pursue trying to qualify for a partial Irish State pension now,
Is it correct to say if I achieve the 260 contribution level then the other years can be bought up to age 70 at €650 per year? I looked at the way the calculation methods for the state pension are changing up to 2035 and it's pretty complicated to work out what Iwould actually be entitled to by the time I would reach the age of 70. I suppose I have to take longevity factors into consideration too. Lots of "food for thought" and great advice so thanks again!So keep your plan to get to 520 class A and class S beyond age 66 up to age 70. This is achievable.
Yes this is correct.Is it correct to say if I achieve the 260 contribution level then the other years can be bought up to age 70 at €650 per year?
You are a "mine of information". Much appreciated.At age 70 your pension will be calculated using the total contributions method.
This is a simple calculation
Divide the deferred to age 70 full pension rate by 2080 and multiply by the number of Reckonable contributions you have. This includes all Reckonable paid and credited.
Assuming you will have approximately 100 change of status credits. These probably should not be included in your total 2200 D contributions. So only 2100 should be counted.
@AugustLadyYes once you reach the 260 paid level you can then pay voluntary Prsi which is reckonable to reach the 520 paid level.
Voluntary contributions would work out very expensive for you.
You would pay 6.6% of your Public Sector pension income, per year.
Maintaining 5k ARF drawdowns up to the 520 target would be vastly cheaper.