PRSI State Benefits: Pension

[Birchfield]

Hi I wonder if I reach 520 A stamps am I entitled to the max benefit , pension on reaching 66.

If I for example I got to 475 A stamps could I buy the difference to get to the 520 before age 66.

Or , if I had 475 A stamps would I get a pro rata state pension at 66. Is 520 A stamps the minimum required ?

Started paying A stamps at 55.

Previous 35 years in civil service.
Thanks

 

[S class]

Hi I wonder if I reach 520 A stamps am I entitled to the max benefit , pension on reaching 66.

No, 520 gives you 25% of the COAP under the TC calculation.
It gets you into the 10 - 15 band for the YA calculation.
Depending on the year you begin your COAP, your calculation could be a mix of TC and YA.

If I for example I got to 475 A stamps could I buy the difference to get to the 520 before age 66.

Yes you can pay voluntary contributions.
For example if you had 475 paid contributions at age 65 you could gain an extra 52 to take you beyond 520 paid at age 66.

Or , if I had 475 A stamps would I get a pro rata state pension at 66. Is 520 A stamps the minimum required ?

With less than 520 at age 66 you would only qualify for a pro rata pension.

However you could defer your pension beyond age 66 until you reach 520 and then you could qualify for a TC + YA calculated pension.

Check out here for information about Prsi 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

 

[S class]

Just to satisfy my curiosity, is the OP allowed to make voluntary contributions specifically because of their contributions made while in the civil service?

Yes. If a person has a minimum of 520 paid contributions they are allowed to make voluntary contributions.

Provided they have a minimum of 260 full rate paid contributions (class A or S), the remainder can be modified paid contributions (class B or D)

 

[S class]

or defer. Once think you have started A contributions before 55

You need a minimum of 260 class A or S to qualify for a pro rata COAP.

You could start to pay class A or S at age 65 and defer your COAP until age 70 to reach 260 class A or S.

Any public sector worker who retires at age 65 with no class A or S contributions still has an opportunity to gain a pro rata pension.