Q. What is a Retirement Pension?
A. An age pension is a monthly allowance payable for life to an insured person who satisfies certain qualifying conditions.
Q. What are the qualifying conditions?
A. An employed person must have:
- Contributed to the National Insurance for a minimum of 180 months; and
- Attained the age of sixty-five (65) years.
Q. What is the rate of a retirement pension?
A. The rate of the age pension is 40% of the insured person’s average pensionable earnings in the best five years of contributions plus 0.1% for each month in excess of 180 months.
If a person has contributed less than 180 months he/she would be qualified for an age grant.
Q. What is the minimum amount of retirement pension paid?
Q. What is a Retirement Grant?
A. A Retirement Grant is a lump sum paid to an insured person who does not satisfy the qualifying conditions for an age pension.
Q. How should one claim for retirement benefit?
A. Obtain Form RB1 (Forms are also available at NIC offices)
Complete and return with the following to the nearest office:
- copy of valid I.D
- birth certificate or valid passport
- proof of name change if applicable e.g. marriage certificate, deed pool where applicable
Q. Are there any other facts which contributors should be aware of when they submit a claim to the NIC?
A. There are several – but the most important of them are:
- It is the duty of a claimant to file a claim for any benefit. This should not be left to an employer or to a third party.
- Claims are to be submitted promptly, a claim can be disqualified if it is submitted too late.
- A claimant must be sure that any claim form submitted is properly completed, with correct information in all respects.