Pension accrual from gainful employment as of 2005

From 2005, pension rights will accrue for work done and contributions will be paid for employees between the ages of 18 and 68 years.

Annual accrual rates are:

• 1.5% of pay for people aged 18-52
• 1.9% of pay for people aged 53-62
• 4.5% of pay for people aged 63-67.

If a person is working while drawing a pension, the work accrues new pension at the rate of 1.5% of annual earnings. Full employment pensions have no accrual ceiling and all gainful employment accrues pension.

If a person receives compensation under the Traffic, Accident, Military Injury and Military Accidents Acts, it will be deducted from the earnings-related pensions to be paid.