good to know that, very hard to understand it all without help, but you have been brilliant in explaining it all@thebhoy
Just a couple of points.
When you retire at 65 on your occupational pension you will still have to wait a year for your State Pension. As you intend to keep working in the meantime, you should be eligible for the new Benefit Payment for people at 65. But this is currently about €208 whereas the State Pension is about €253. You are eligible for a Supplementary Pension from your current employer to make up the full difference between these two - as you will have 40 years service. Indeed, if for any unlikely reason you were denied the over-65 payment, the Supplementary from your employer should make up the full amount. You have to apply for this Supplementary Pension. Each employer has their own arrangement but there should be a form for you to complete. It is a condition for the Supplementary that you are not working elsewhere.
Also, just to note. If you were to retire at 64 years and 3 months (on a Preserved Pension) you could apply for Jobseekers Benefit (based on your Class A PRSI). The JB (€208) lasts 9 months which would take you up to the age for your Occ Pension and the over-65 payment. Taking the Preserved Pension means it is not paid until 65 but there is no actuarial reduction. In this event, you would still be eligible for a Supplementary Pension at 65.
So a person gets a double benifit by working the (tax) year of their 63rd birthday ? They get enough stamps to get welfare for 9 months and also they have passed the 65 to 66 requirement to get paid the 65 payment ?Also, just to note. If you were to retire at 64 years and 3 months (on a Preserved Pension) you could apply for Jobseekers Benefit (based on your Class A PRSI). The JB (€208) lasts 9 months which would take you up to the age for your Occ Pension and the over-65 payment.
I don't know the answer to that, elcato. But in this instance it does not make any difference. If thebhoy is denied the over-65 payment he is eligible for the full Supplementary Pension from his employer - which in his case is equal to the value of the State Pension - €253.So a person gets a double benifit by working the (tax) year of their 63rd birthday ? They get enough stamps to get welfare for 9 months and also they have passed the 65 to 66 requirement to get paid the 65 payment ?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?