Written answer
State Pensions
The Minister said 30 years’ full-rate PRSI currently provides 75% of the maximum contributory pension, but 2036 rates are undetermined.
765. Deputy Joe Neville asked the Minister for Social Protection if his Department will provide details of the pension for a person who commences work as a nurse in Ireland at 36 years-of-age in 2006 and retires on 1 January 2036 at 66 years-of-age with 30 years of stamps (1,560 in total); the amount their COAP will be; and if he will make a statement on the matter. [64733/26]
Comment on this
The rate of State Pension contributory payable in 2036 cannot be confirmed at this time. Entitlement and payment rates will be assessed based on the legislation, qualifying conditions, and rates applicable in 2036.
Currently if a person has 30 years of full-rate PRSI contributions (1,560 contributions), this gives entitlement to 75% of the maximum personal rate of pension. The current maximum weekly rate is €299.30.
While it is indicated that the person concerned was employed as a nurse in 2006, at age 36, it should be noted that any full-rate PRSI contributions or self-employed contributions paid prior to that date will also be considered when assessing their entitlement to State Pension Contributory.
It is also open to the person concerned to review their contribution statement, which provides a summary of their pay related social insurance (PRSI) record. The quickest and easiest way to do this is through MyWelfare.ie.
It is advisable that the person concerned maintains their social insurance record by continuing to pay PRSI while in insurable employment or self-employment. Periods covered by credited contributions during unemployment, illness, or certain caring responsibilities, can also help to maintain this record.
In addition, Long-Term Carer's Contributions may be awarded to a person who has provided care for an incapacitated person for 20 years or more. These contributions are treated in the same way as paid contributions for the purposes of state pension contributory entitlement and can be used to address gaps in a person's social insurance record.
Consideration may also be given to paying voluntary contributions to help maintain social insurance cover to address any gaps in their record.
It is worth noting that persons reaching state pension age on or after 1 January 2024 have the option of deferring access to their State Pension Contributory from age 66 up to age 70. Deferral in this case may help the person concerned build up additional contribution entitlements, or qualify for a higher actuarially adjusted rate of payment.