EnglishIn the reforms carried out in 2007 persons who were born between 46 and 54 years at the time, that is born between 1952 and 1961, were not exposed to the “full brunt” of the reforms on matters such as statutory retirement age, the contributory period, etc. Such persons are categorised as Transitional.
If you are in this age bracket your Social Security Pension will be governed as shown in the Table below.
Your Retirement Age
Born between 1952 and 1955
If you are 62 years old, you have reached your retirement age. You may have opted to work whilst receiving the full Social Security Pension.
Born between 1956 and 1958
63 years old. Are yet to retire. On retirement, you can continue to work and receive the full Social Security Pension you are entitled to.
Born between 1959 and 1961
If you are 64 years old, you are yet to retire. On retirement, you can continue to work and receive the full Social Security Pension you are entitled to.
Social Security Contributions to be Accumulated
Minimum of 50 weekly contributions for a period of 35 years.
Minimum of 50 weekly contributions for a period of 35 years.
The yearly average of the basic wage or salary during the best 3 consecutive calendar years within the last 12 consecutive calendar years.
Minimum of 50 weekly contributions for a period of 35 years.
Calculation of your Social Security pension
The yearly average of the basic wage or salary during the best 3 consecutive calendar years within the last 11 consecutive calendar years.
The yearly average of the basic wage or salary during the best 3 consecutive calendar years within the last 12 consecutive calendar years.
The yearly average of the basic wage or salary during the best 3 consecutive calendar years within the last 13 consecutive calendar years.
Calculation of State pension income
2/3 of basic salary up to Maximum Pension Income of €17,933.
2/3 of basic salary up to a Maximum Pension Income of €17,933.
2/3 of basic salary up to a Maximum Pension Income of €17,933.
Increase in the Maximum Pension Income
Every year the Maximum Pension Income will increase by the COLA.
Every year the Maximum Pension Income will increase by the COLA.
Every year the Maximum Pension Income will increase by the COLA.
Increase in your Social Security Pension income
If whil st in employment you benefited from a Collective Agreement your Social Security Pension income is adjusted upwards every time the wage conditions of the grade you held is increased because of a Collective Agreement Adjustment.
If your work was not covered by a Collective Agreement your pension will increase by the annual COLA awarded by government.
If whilst in employment you benefited from a Collective Agreement your Social Security Pension income will be adjusted upwards every time the wage conditions of the grade you held is increased as a result of a Collective Agreement Adjustment.
If your work was not covered by a Collective Agreement your pension will increase by the annual COLA awarded by government.
If whilst in employment you benefited from a Collective Agreement your Social Security Pension income will be adjusted upwards every time the wage conditions of the grade you held is increased as a result of a Collective Agreement Adjustment.
If your work was not covered by a Collective Agreement your pension will increase by the annual COLA awarded by government.
Once you reach the retirement age, you can continue to work as an employee or in a self-employed capacity and earn an income whilst continuing to receive the full income from your Social Security Pension. If you take up such employment, you will continue to pay your social security contribution until you reach 65 years. It is important to know that this contribution is not assigned to your pension contribution history but is posted as an inter-generational contribution on your part.
You should know that if you accumulated a minimum of 50 weekly contributions for a period of 35 years, you could retire when you reach the age of 61 years.
Should you decide to retire if you meet these conditions you will not be allowed to continue in employment until you reach your statutory retirement age (62, 63, or 64 years of age depending on your date of birth). This is a ‘social cost’ that you are asked to incur for the decision you made to choose ‘leisure’ as against continuing to contribute productively up to your retirement age.