Re: What is the point in having a private pension that will result in less than 300 e
Well, not sure if to agree with this one, Welfarite. Many people especially Irish or fellow Europeans who have worked self-employed in other EU countries (where self-employed cannot easily benefit from a state pension), as well as many women who stayed at home, people with many years in education or abroad, do not simply qualify for a contributory state pension, and will have to undergo a means-test. At the same time, especially this group of people has an interest in boosting their pension prospects, and might earn good money at the moment. Typically, they are missing contribution years for a contributory pension.
I have started a PRSA but a bit half-hearted, as it might give me a disadvantage later when counted as means! I do not own propertry neither do I consider buying at this stage. I know a home would not be counted as means though. Is it a bad idea to pay into a PRSA unless I can be sure I will get a non-contributory pension, would the money be better invested e.g. in property abroad, I wonder? It's impossible to find out how to "buy back lost years". So how can one catch up paying contributions? Is a PRSA really a good idea?
As for your response above to my second question, (check out above) I think there ws confusion because you misread PRSA as PRSI. Thanks anyway for your ideas.
Greentree,
it is possible to get your pension income from different sources and boost your state pension. However, if you expect to receive a non-contributory pension, you are probably helping the state out rather than boosting your own income? It is hard to see what kind of laws will come in until then, and whether we can avail of anything really. But it does not inspire people to put money into a pension...
Fanny
to be paying into a private pension fund without any income (as would be the scenario if you had to claim non-contributory state pension) is unusual, even unlikely. You're original question is more likely the case, yeah?