Methinks, in your example, it would cost €3300 in 2025 only, then 6.6% of reckonable 2025 income in 2026 (min. €500) and so on in subsequent years.Am I reading this wrong?
I don't want the hassle of pretending to be available for work for 8 years.Just sign on for Job Seekers Benefit when you stop working which will give you 9 months of credits and then continue to sign on for credits once that period expires. Won't cost you anything.
See below Key Post:Just sign on for Job Seekers Benefit when you stop working which will give you 9 months of credits and then continue to sign on for credits once that period expires. Won't cost you anything.
You'd only have to pretend for 9 months as presumably you would not qualify for Job Seekers allowance which is means tested but could still continue to sign on just for credits. See below from the key post:I don't want the hassle of pretending to be available for work for 8 years.
13. If you are signing for credits and not working do you need to be available for and seeking work?
Answer: Yes. Anybody resident in the state, in good health and not otherwise occupied, as in for instance, fulltime caring, can state that they are available for work. Seeking work can be anything from reading the situations vacant page of the newspapers. You will be required to agree to these rules when signing on.
In practice retirees will not be pursued to seek employment and anybody over age 62 is not required to engage with Social Protection in any job placements or training schemes.
Does "signing on for credits" mean that you don't need to be working but you will get the equivalent of PRSI contributions recorded to count towards your pension credit total? Apologies I have never claimed social welfare, never been unemployed, I worked abroad for 6 years early in my career and I want to stop working at 58 leaving me 14 years short for full state pension, I am 51 now.You'd only have to pretend for 9 months as presumably you would not qualify for Job Seekers allowance which is means tested but could still continue to sign on just for credits. See below from the key post:
Yes as I understand itDoes "signing on for credits" mean that you don't need to be working but you will get the equivalent of PRSI contributions recorded to count towards your pension credit total? Apologies I have never claimed social welfare, never been unemployed, I worked abroad for 6 years early in my career and I want to stop working at 58 leaving me 14 years short for full state pension, I am 51 now.
As I understand it they would not be entitled to credits as to gain credits you have to be on Jobseekers (i.e. have worked before you went on JSB).Does this mean someone who has never worked automatically gets full pension as they get "credits" for their whole working life and someone who worked for say 25 years doesn't get full pension because they didn't complete 40 years?
You are correct. I will delete my post to avoid confusion.Thanks S Class but I think he only needs 8 years as 6 (of the 14) years have been missed early in his career (presumably longer than 5 years ago).
Is this corrrect ? I understood that there was a limit on the number of credited contributions that could be included.After that, credits count fully. So whether the Pension is calculated on the Average method or the Total Contribution Approach, Credits are as good as Paid Contribution's.
But the max credits can go to 1040 (20 years) if they include Homecaring Period credits.There is a limit of 520 credits reckonable for the Contributory pension using TCA.
The Averaging calculation method will be fully phased out when the OP reaches age 66.
You are complicating this by now introducing Carer Credits for which specific rules apply, and which are currently in the process of changing. These apply to a relatively small number of cases. The rules relating to regular credits (i.e. those award in the case of JB/JA etc) which are much more common are very different and much more restricted.But the max credits can go to 1040 (20 years) if they include Homecaring Period credits.
I never mentioned "Carer Credits".You are complicating this by now introducing Carer Credits for which specific rules apply, and which are currently in the process of changing. These apply to a relatively small number of cases. The rules relating to regular credits (i.e. those award in the case of JB/JA etc) which are much more common are very different and much more restricted.
For the record it is completely incorrect to state that "So whether the Pension is calculated on the Average method or the Total Contribution Approach, Credits are as good as Paid Contribution's" given that:
- Credits are limited to a maximum of 520 under normal circumstances and 1020 in those cases where Carers credits are included. Paid contributions alone are eligible up to the maximum. Higher limits apply for carers will apply when the new Long-Term Carers Contribution scheme is finally introduced.
- Regular credits alone (even if they exceed 520) will not qualify you for the SPC, as a minimum of 520 paid contributions are required. So whereas 520 or more paid contributions alone will entitle you to a pension, 520 or more regular credits alone will not. Again this is different in the case of Carer's credits in certain circumstances.
You did mention signing on for credits and elaborated on the details of claiming Jobseekers Credits. This was the issue being discussed. You implied in post #13 that there was no limit to the amount of Jobseekers credits allowed as reckonable under TCA.I never mentioned "Carer Credits".
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?