Bladerunner
Registered User
- Messages
- 14
So if you do pay PRSI contributions, then yes, I believe that they will contribute towards your PRSI record for contributory pension entitlements
If you returning a Form 11 as a self-employed person, there is a min of PRSI contribution of € 500 - and this does count towards a full contributory
There are however, ways of “buying” insurable weeks, if your drawdown does not meet this criteria, you can make up the shortfall, between the PRSI you do pay on your ARF, and the €500 annual amount.
Moving slightly away from the topic and I know this system is supposed to change to total contributions in the next couple of years, but is it currently the case that the average of 48 insurable weeks is calculated over every year since a person first started work and paying tax? Even if you work for more than 40 years?Of course, the aim of all of this is to hit the target, of an average of 48 Insurable weeks(to be eligible for the max contributory pension), since you started working, up until age 66
Moving slightly away from the topic and I know this system is supposed to change to total contributions in the next couple of years, but is it currently the case that the average of 48 insurable weeks is calculated over every year since a person first started work and paying tax? Even if you work for more than 40 years?
I got my PRSI contribution statement recently and I've lots of years where I worked a summer job as a teenager etc with only 10 - 12 insurable weeks, sounds like anyone who did any similar work in their youth would be massively disadvantaged by this.
now, be it-making voluntary contributions and /or working longer and/or making ARF withdrawals earlier than you might have originally planned, to keep these contributions going. Or, a combination of the above.
In order to continue to be credited with an. annual 52 Insurable weeks, while drawing from the ARF, you need to be drawing a minimum of €12,500 per annum, which will result in the minimum annual PRSI amount of €500. Eg 12,500 @4%. This is the minimum requirement, and will count towards the state contributory pension, Class S PRSI.
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