Social Insurance became compulsory for self-employed persons in April 1988. One of the qualifying conditions for the Old Age (Contributory) Pension is that the claimant must have commenced paying Social Insurance Contributions at least 10 years before reaching pension age. This applies equally to employed contributors and to self-employed contributors.

Where employed contributors enter insurance after reaching 56 years of age, they are entitled to a refund of the Old Age (Contributory) Pension element of the PRSI contribution.

The above Regulations determine, in the case of self-employed contributors, the amount of the contribution paid in respect of the Old Age (Contributory) Pension and provide for its return to self-employed contributors who enter insurance after 56 years of age.

The Regulations also provide that refunds of the pension element of the PRSI contribution for employed and self-employed contributors will not be payable where the insured person qualifies for an Old Age (Non-contributory) Pension.

Finally, the Regulations provide for the payment of interest on refunds of the pension element of the PRSI contribution.

Practitioners requiring a copy of the Regulations should contact the Committee Secretary.