When is State pension reform happening as it will cost me money?

I'm due to receive my State pension in 2020. If the TCA pension revamp comes in before June (my 66th birthday), I face a dramatic cut in the amount I receive. If not, I will do okay. Any idea of the progress of that particular plan?

Mr R.H., email

The reform of the State pension is a matter of concern to a lot of people. The new Total Contributions Approach (TCA) was first announced a full two years ago, with the details fleshed out in January of last year.

Essentially, under the new system. you tot up all the weekly PRSI payments you make over your working life and if they equal 40 years (2,080 weekly payments), you get a full pension. Pay less and your pension is reduced pro rata.

Hidden tax issues in purchase of home from father-in-law

---

What are the rules on inheritance for my family in Australia?

---

Be careful the advice you take – especially mine

---

Will Revenue believe I made no gain on investment apartment?

---

Under the existing “yearly averaging” regime, you must record an average of 48 PRSI contributions for every year between the time your start your very first taxable job and the day you turn 66.

That means people with gaps in their PRSI record because they take time out to raise a family, to go abroad or for any other reason, lose out.

But it also means that people like you, who start work here later in life can secure a full pension with just 10 years’ contributions.

The most recent update from the Department of Social Protection last month was that it hoped to roll out the changes in the third quarter of next year. If you're retiring in June, that means you should not be affected by the new regime.

Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or email dcoyle@irishtimes.com. This column is a reader service and is not intended to replace professional advice.