Unusual that a 44 year old with no kids would have only 6-7 years of PRSI contributions. Did she ever work abroad? This could help getting her a state pension.
- My wife has no private pension and only works part time. She has not yet reached 10 years (520 PRSI payments) but should do so in about 3-4 years.
As a general piece of advice don't be afraid of making pension contributions above tax-relieved levels (for your wife as well).
Yes but they will get the advantage of tax-free capital gains that you won't get if you buy a basket of equities.So they will end up putting money into an investment which they get no tax relief for yet they will pay tax at the top rate when they get the money back as pension.
If she worked elsewhere in the EU or UK she can use those contributions to boost Irish state pension eligibility, although it might not be worth combining. There are other (mainly western) countries where there is mutual recognition of contributions too. It's worth looking into this carefully.My wife is not from Ireland but has been living here for about 10 years now.
Yes but they will get the advantage of tax-free capital gains that you won't get if you buy a basket of equities.
Orpheus is a proprietary director so the normal contribution limits don’t apply. So it’s largely a moot point in this particular case.Could you do the calculations and start a separate thread with them.
Brendan
On that basis, she’s non-Irish domiciled so you could invest in her name and earn tax-free returns, subject to the returns remaining offshore.My wife is from Asia and has never worked in Europe (apart from Ireland) so unfortunately that would rule out any EU/UK eligibility but I would hope that still won't matter once she works enough years in Ireland to qualify for the state pension (based on current rules at least)?
I've never heard of an SSAP so I will look into that - it sounds interesting. Thanks.
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