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Cities and states crosswise the country ar facing public employee pension debt that is challenging and, in some cases, crippling their budgets.
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How is the notional rate of pension calculated?
To calculate the notional rate of pension, find the total of all Peter’s contributions (both foreign and Irish) divided by the number of years since he entered into insurable employment to get his yearly average. Total of all Peter's assessable contributions: 364 +1,196 = 1,560 contributions
How to calculate your state pension in Ireland?
Firstly you must check whether Peter would qualify for an Irish State Pension based on his Irish contributions alone. Total number of years worked (since entering into insurable employment to the end of the last complete tax year before reaching pension age): 40 years Total number of contributions by the number of years worked: 364 ÷ 40 = 9.1
How is entitlement to state pension calculated in Europe?
This example shows how entitlement to State Pension (Contributory) is calculated under EU social security agreements. Peter is turning 66 years of age and wants to know if he will qualify for a State Pension (Contributory).
Last Update: Oct 2021
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