Thank youPRSI Class M is for pension income (your PS pension, presumably). It is at 0% rate. It doesn't count towards the state pension or jobseekers.
You have 52 reckonable Class A contributions - 48 paid and 4 credited. These do count.
To be eligible for what is called the pro rata pension for mixed contributions, you'll need to have made at least 260 fully paid contributions (Class A or S) -
It might not be a deal breaker but it is well worthwhile aiming for. The normal pension calculation method will nearly always result in a higher pension than the pro rata calculation.I don't think that getting over the 520 paid contribution threshold is a deal breaker in this scenario.
Sure - but he is committed to work from now until pension age. There is not much else he can do. It shouldn't make that much difference to his State Pension anyway. And he already has a PS pension.It might not be a deal breaker but it is well worthwhile aiming for.
Is that because the total number of contributions (full and modified) will generally exceed 2080?The normal pension calculation method will nearly always result in a higher pension than the pro rata calculation.
Yes. The pro rata calculation will probably span from the first payment of Prsi until the last payment of Prsi. If a person started work at 18 and claimed credits until age 66 their pro rata calculation will be based on 48 years. The normal pension calculation will be based on 40 years. Dividing by 48 will give a smaller pension compared to dividing by 40.Is that because the total number of contributions (full and modified) will generally exceed 2080?
Aiming to reach 520 full contributions is very beneficial to a mixed class contributor reaching age 66 at present as they will have an average of 10 -14 contributions per year and get a pension of 106 euro per week. Unfortunately the poster will miss out on most of this extra benefit.
But he should qualify for a pro-rata pension as he will comfortably surpass the 260 threshold. After that both paid and credited full rate contributions count. The more he can accumulate the better. I don't think that getting over the 520 paid contribution threshold is a deal breaker in this scenario.
s/he was hoping to qualify for the Contributory State Pension!
Lads thanks so much for all this detail which is really interesting and informative-really appreciate all your contributions - I see had a few alright of A contributions before public service ! All helps
Yup I did get a few ok from before joining public service thanks a lotYes. The pro rata calculation will probably span from the first payment of Prsi until the last payment of Prsi. If a person started work at 18 and claimed credits until age 66 their pro rata calculation will be based on 48 years. The normal pension calculation will be based on 40 years. Dividing by 48 will give a smaller pension compared to dividing by 40.
Aiming to reach 520 full contributions is very beneficial to a mixed class contributor reaching age 66 at present as they will have an average of 10 -14 contributions per year and get a pension of 106 euro per week. Unfortunately the poster will miss out on most of this extra benefit.
What’s the 13 th paid contribution rule I wonder ?Make sure that you maintain your Prsi record at least until the end of the calender year of your 63rd birthday. If you cease working before age 63 keep signing on for A credits and continue until age 66. Also make sure you meet the 13 paid contributions rule. This will allow you to qualify for the 65s benefit. Check the "Operating guidelines for 65s benefit".
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