Supplementary Pension and maintaining PRSI contributions

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cacheman

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Hi....

I have some questions regarding the Occupational Supplementary Pension (OSP) and maintaining PRSI contributions in 2 slightly different scenarios....

Scenario 1 - My retirement

I am a post 1995/pre 2004 public sector joined employee on PRSI stamp A intending to retire next year sometime after my 60th birthday with ~36 years service (some as purchased notional service). As I understand things, I will retire with my occupational pension from my employment service and should also qualify for the OSP. When I retire I should have ~1600 PRSI contributions reckonable for the state pension....obviously well below what I would need for full or close to full state pension at 66.

Between when I retire at 60 until state pension age at 66, how can I maintain my PRSI contributions?

Scenario 2 - My wife's retirement

My wife will also be retiring in the near future, probably no more than a year after me. She is also on a PRSI stamp A. She doesn't work in public sector now, but did work for a local county council from 1999 until approx 2007 in 3 stints.
  • Given that she won't be retiring from an active public sector job (i.e. she left public sector in ~2007), do the same pension rules about retirement age apply?.....i.e. as a pre-2004 starter, would her 'normal retirement age' as far as the council is concerned still be age 60 as regards claiming whatever pension accrued through her superannuation contributions over her time at the council?
  • Again, given she won't be retiring from an active public sector job, as a post 1995 starter on a PRSI Stamp A would she also be entitled to some level of OSP?
Would be most grateful for any advice/information/help on this.

Thanks in advance.
 
I am retiring next year , I have already received my total stamps printout from DSP , I will be about 150 short of the 2080 needed for full contributory OAP by the time I hit 66 .
Researching options I can forego part of the supplementary pension to work enough hours to get a stamp which would effectively be working for nothing or else make voluntary contributions at 6.6% of previous years earnings .
I will be doing the latter 2 tax years after I retire so the amount paid will be based on my pension income not my work income which includes salary and considerable allowances and overtime .
Now bear in mind I am not an expert on above but this is what I could see as my best option , am open to correction on same.
 
Scenario 1.
Would Pay related Jobseekers Benefit pay more than your suplimentary pension ?

If so claim this instead of suplimentary pension for the first 9 months after your retirement. When the payments end continue to sign on for Jobseekers credits up to age 66.

If PRJB is less than your suplimentary pension.
Claim suplimentary pension and also sign on for Jobseekers credits up to age 66.

This will allow you to gain Reckonable Prsi contributions up to age 66.

Scenario 2.
Wil she be short of 2080 Reckonablersi contributions at age 66 ?

Regardless of whether she is or not, she should claim PRJB and continue to sign on for Jobseekers credits up to age 66.

Would Benefit payment 65 be more than either of your suplimentary pensions ?

If so this could be claimed between age 65 and 66 instead of suplimentary pension.

To qualify for this 13 weeks of employment would be required alongside Jobseekers credits. You would have to factor in the loss of suplimentary pension for the 13 weeks.

Check out this thread for more information on this.

Key Post - PRSI and planning retirement

This Key Post is in the form of a FAQ where I don't know many of the answers. I will update the post as I get answers. 1. PRSI payable on reaching state pension age Answer: 0 (Class M) 1a. Does this relate to the start of the tax year in which you become 66? Or to after your birthday? Answer...
www.askaboutmoney.com
 
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