Non contributory pension if have assets

doc22

If you only own a few acres around your house, it can't really be put to productive use and nil means would mostly likely apply , legislation only gives an allowance of 1 acre so it would be up to the deciding officer.

Jim_Hodge

https://www.boards.ie/discussion/comment/120230226#Comment_120230226

This reads like a wind up. The Farm Retirement scheme, or Retirement Relief, is necessary for the free transfer of farm assets you opened with.

You need to have a farm, not a bit of idle land and the recipient must also qualify.

At that, I'm out because I've better to do than repeat the same facts over and over. Give the OP the links to the requirements for this free transfer of yours.

jackboy

I got what I needed from the thread anyway. So, he can’t hold on to the farm and get some level of pension at the same time.

doc22

https://www.boards.ie/discussion/comment/120230270#Comment_120230270

Revenue and DSP are not the same, Farmland and chattels within can be freely transfered to child to qualify for social welfare. not necessarily tax free depending on relationship etc (child is 300k ish before any reliefs for child but may be CGT without reliefs) but that wasn't what the OP was asking

doc22

https://www.boards.ie/discussion/comment/120230282#Comment_120230282

He can rent the land and the capital value can't then be assessed on it only the rantal value which I persume would be far smaller. perhaps some of the family want to move or have lived in the house and are now planning to run the farm. And in such cases any transfer of said assets into the future to said member would be hard to be seen as illegitimate for SW purposes.

doc22

https://www.boards.ie/discussion/comment/120227711#Comment_120227711

Not as easy as that, Low income farmers on farm assist were denied the opportunity to put stamps up until 2007 and I believe they recieve no prsi credits for pension purposes unlike most other SW schemes.

The requirements to get a full con pension has been upped considerably over the years, requiring as little as 3 years paid prsi and an average of 20 cons/credits to recieve near full entitlement. Next year we'll move to 40 year cons required for full pension system. Everyone isn't equal.

TooTired123

https://www.boards.ie/discussion/comment/120230375#Comment_120230375

You own a piece of land and a house that you’re not using. You didn’t pay any/enough PRSI in your lifetime to get a contributory pension. Now you’re old and you need some income to live comfortably week to week. My advice is to sell the piece of land and the house and make yourself nice and comfortable with the money.

If you don’t agree with this advice and you think that there’s another route that the OP should take then you really should PM the OP with information and advice on how to move forward in a way that he can keep the property and still get a non con pension.

doc22

https://www.boards.ie/discussion/comment/120230642#Comment_120230642

I've no idea of the OPs exact situation.

But, the legislation explcitly states farmland can be transfered to children to claim pension .Likewise if an extended family member(or anyone else for that matter) wanted to farm it and pay rent, the rental value would be a fraction of the capital value. similar the housing could be derelict for all we know or if not the pensioner way want to move into it. The pensioner perhaps might want to sell the house to buy some land to rent at which point the rental value of the land would need to be 15kish to get no pension.

If you think anything I'm saying is wrong you can correct me.....