Key Post PRSI and planning retirement

14.5 + will be calculated as average 15.

If you can post screenshots of his Prsi record, I can check his situation. You can blank out his name and PPS number. Include his date of birth.
 
Chatterbox said:
He really needs to sit down with someone who know the ins and outs of the system
Click to expand...
@S class is extremely knowledgeable and helpful on PRSI stuff so if, as they suggest, you upload an anonymised/redacted copy of your friend's PRSI statement it will very likely save him a trip and extra expense. I presume you know already but they can get their PRSI statement here:

Contribution Statement

<p>Request a statement of your history and record of contributions paid</p>
services.mywelfare.ie services.mywelfare.ie
 
@Chatterbox

Is this person at state pension age, or still many years away? As the method used to calculate a pro rata pension, is currently changing each year.
 
@outofmymind - How do DSP calculate the rate of SCP for someone who has Mixed insurance Contributions
eg 600 Class A (from back in the 80s) +1500 Class D (in the 90s to 2026) +possibly 100 Class A thereafter.
Is it the calculation for Mixed....
a) 700/ 2200 to determine % of full State pension or
b) The best from either TCA or YA method?
 
Because they have more than 520 contributions their pension will be calculated using the blend of YA and TCA.

Their TC calculation will be 2080 divided by their total Reckonable paid and credited contributions. (Class A + pre entry + change of status credits + Jobseekers credits)

The total of their reckonable paid and credited contributions will also be used in the YA calculation. Only full calendar years are counted for YA, so any partial year (i.e. claim year for COAP) is not counted.

They should carefully calculate their yearly average. If they are close to YA 14.5 at age 66, they should consider deferring their COAP in order to reach the 14.5 YA.

There is information on this at the start of this thread.

They should opt for payment at their local post office when they apply for their COAP, then if they are slightly short of YA 14.5 they can reject their COAP provided they have not taken any payments. They can then deferr to a later date. The beginning of the next calendar year after their 66th birthday could be sufficient.

Check out this thread for information on how pensions are calculated after age 66

Information on pension calculations after age 66.

If a customer decides to defer their pension, will the years worked after age 66 be counted as part of their yearly average? If a customer chooses to defer their pension, the number of extra years worked will add to the divisor for the yearly average. (e.g. if a customer has 50 years cons at...
www.askaboutmoney.com
 
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The question here seems to be how the two classes are dealt with...PRSI class A and PRSI class D. That is not answered yet. This is a mixed class contributory pension.
We need to know as well in what year the first wages were earned and in what year the person got 66 to find out the average number of contributions.
Maximum amount of PRSI contributions in the TCA calculation can be only 2080- the rest will be ignored.
Are there any credits in play as well?
 
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As they have reached over 520 full rate paid contributions the mixed class calculation no longer applies. The Class D contributions are irrelevant.
 
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