Would appreciate info re planning for our pensions. A lot being asked I know but any light that anyone can shine will be hugely appreciated!
My husband and I are both 50.
Husband has 10 years of NI contributions in the UK straight from school in Ireland, followed by 23 years paying full rate A class PRSI in the private sector in Ireland. He began a new job last year in the civil service, still paying A rate PRSI. Assuming he retires at 67, he will have 17 years of civil service pension contributions. Single pension scheme includes State Contributory OAP in this pension payment? As he meets the conditions for a full State COAP already, how will this work for him? Will he get 23/40 of a state pension for his private sector employment and the other 17/40 included in his civil service pension? The info below from Citizen's Information refers to mixed insurance rates which is not his case and so has us confused:
If you meet all these conditions, you may qualify for a pension proportionate to the number of contributions that you paid at the full rate. For example, if you worked for 40 years and 10 of those years were in the private sector, you would get one-quarter of the full pension.
I am a public servant for the past 24 years in Ireland and have 8 years of NI contributions in the UK, only 2 years of PRSI in the private sector in Ireland. We are trying to decide if we should pay for gaps in our NI from 2006-2016 which is allowed until April 2023 but at current rates. Approx cost for 10 years is GBP 7000 each at Class 3 rates. Normally one can only go back 6 years, this is a once-off concession due to changes in their pension rules. We are trying to establish if we have to pay Class 3 or if we might be entitled to pay Class 2 which is a total of approx GBP 1800.
Husband has €47000 sitting in a private pension fund administered by a previous employer and has to decide how to proceed with that now as he never completed his Leaving Service Options form 12 years ago!! I have AVC's worth €34000 as I might buy notional service as I started late.
Maybe we need a financial advisor! Thanks so much for any insights anyone may have.
My husband and I are both 50.
Husband has 10 years of NI contributions in the UK straight from school in Ireland, followed by 23 years paying full rate A class PRSI in the private sector in Ireland. He began a new job last year in the civil service, still paying A rate PRSI. Assuming he retires at 67, he will have 17 years of civil service pension contributions. Single pension scheme includes State Contributory OAP in this pension payment? As he meets the conditions for a full State COAP already, how will this work for him? Will he get 23/40 of a state pension for his private sector employment and the other 17/40 included in his civil service pension? The info below from Citizen's Information refers to mixed insurance rates which is not his case and so has us confused:
If you meet all these conditions, you may qualify for a pension proportionate to the number of contributions that you paid at the full rate. For example, if you worked for 40 years and 10 of those years were in the private sector, you would get one-quarter of the full pension.
I am a public servant for the past 24 years in Ireland and have 8 years of NI contributions in the UK, only 2 years of PRSI in the private sector in Ireland. We are trying to decide if we should pay for gaps in our NI from 2006-2016 which is allowed until April 2023 but at current rates. Approx cost for 10 years is GBP 7000 each at Class 3 rates. Normally one can only go back 6 years, this is a once-off concession due to changes in their pension rules. We are trying to establish if we have to pay Class 3 or if we might be entitled to pay Class 2 which is a total of approx GBP 1800.
Husband has €47000 sitting in a private pension fund administered by a previous employer and has to decide how to proceed with that now as he never completed his Leaving Service Options form 12 years ago!! I have AVC's worth €34000 as I might buy notional service as I started late.
Maybe we need a financial advisor! Thanks so much for any insights anyone may have.