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State Pension (Contributory) is a social insurance based payment made to people at age 66. A person can receive payment of State Pension (Contributory) and continue to work or have other income such as an occupational pension.
The pension is a pro-rata payment based on the proportion of Irish social insurance contributions to the total number of contributions paid and/or credited i.e. Legislation EU pension scheme is governed by Council Regulation (EEC) No 1408/71 and No 574/72, as amended.
Class S PRSI is paid by self employed people and provides cover for State Pension (Contributory).
Certain conditions apply as follows: Credited contributions are awarded in certain circumstances by the Department, generally in respect of periods of unemployment or incapacity for work due to illness.
Years spent working in the home from 6 April 1994 caring for a child up to age 12 or caring for an incapacitated person are disregarded in calculating the yearly average (but not the alternative early average) - third condition.
Up to a maximum of 20 years may be disregarded in this way.
However they are used when calculating entitlement to a mixed insurance pro-rata State Pension (Contributory).
There are two types of modified rate contributions, as follows: Modified rate employment contributions: PRSI contributions at classes J and K and pre 1979 employment contributions which provide cover for Occupational Injuries Benefit only are not reckonable for pension purposes.
See 'Credited Contributions" guideline for more general information.
A person must have started paying social insurance employment contributions at full or modified rate before a certain date, depending on date of birth, as follows: Insurance prior to 1953 - National Health Insurance contributions paid prior to 1953 are reckonable in order to satisfy the condition of entry into social insurance before a specified date for standard State Pension (Contributory). Persons who commenced paying high rate voluntary contributions on or before 6 April 1997 will need only 156 full-rate employment contributions paid if the yearly average is 20 or more.
The alternative yearly average is the average number of contributions paid and/or credited over the period from April 1979 to the end of the tax year before reaching pension age (66).
The "alternative yearly average" applies only to persons who reached age 66 on or after 6 April 1992. It was gradually reduced from age 70 to age 66 over the period from 1973 to 1977.
Insurance prior to 1953 - National Health Insurance contributions paid prior to 1953 are reckonable in order to satisfy the condition of having a certain number of contributions paid.