Born on and Before 1951 and Worked as an Employee (No Service Pension)
If you are born on or before 1951, you are already retired and in receipt of a Social Security Pension. The pension income that you receive is calculated as follows:
(a) Yearly average of the best 3 consecutive calendar years within the last 10 consecutive calendar years.
(b) You paid social security contributions of 10% on your basic wage to a Maximum Pensionable Income of €18,024 and an annual increase of the Cost of Living Allowance (COLA) awarded annually.
(c) You retired at the age of 61 years (if you are a woman you may have retired at 60 years of age).
(d) To qualify for a full pension regarding contributions paid you had to pay a maximum of 50 social security contributions annually for a maximum of 30 years.
(e) There is a Guaranteed National Minimum Level (GNML) of Pension in place, which ensures that you are protected against poverty in the event that you did not pay the full contributions you were entitled to pay.
If you are in this category of pensioners, you can continue to work as an employee or self-employed person and still receive the you are entitled to.
If you take up such employment, you will continue to pay your social security contribution until you reach 65. It is important to note that such a contribution is not assigned to your contribution history but will be posted as an inter-generational contribution on your part.
Born between 1952 and 1961 and Worked as an Employee (No Service Pension)
If you are in this age bracket your Social Security Pension will be governed as shown in the Table below.