State pension entitlement for Self Employed Director

Discussion in 'Pensions' started by mloc, Feb 27, 2017.

  1. mloc

    mloc Frequent Poster

    Posts:
    90
    I am a director of a Ltd company with a 50% shareholding. I think this makes me 'self employed'.
    When I reach state retirement age, am I automatically entitled to a state pension and if so what type? Will it be means tested?
     
  2. Conan

    Conan Frequent Poster

    Posts:
    594
    Your entitlement to a State Pension is dependant on the class of PRSI you pay. If you pay Class A (employee) or Class S (self employed or company director) then you will be entitled to a State Pension so long as you have a sufficient record.
     
  3. mloc

    mloc Frequent Poster

    Posts:
    90
    The class on my payslip is S1. I have been paying this class for the past 3 years. Prior to that I was paying employee class for a large number of years, circa 20. I hope to pay S1 until retirement.
    IS the pension entitlement different for Class S to Class A? Is it means tested? (based on current rules)
     
  4. Conan

    Conan Frequent Poster

    Posts:
    594
    The Contributory State Pension is not means tested. It is currently an entitlement based on your PRSI record. Class A and Class S are effectively the same as far as the State Pension is concerned.
    It is the Non-Contributory Pension that is means tested.
    The amount of your State Pension will depend on your PRSI record. Post 2020 you will require a minimum of 30 years contribution to qualify for the full State Pension, proportionately reduced where less than 30 years.
     
  5. mloc

    mloc Frequent Poster

    Posts:
    90
    I understand you need 30 years paid up PRSI record so I have requested my record from Revenue to see where I am at.