The spelling of /p/ is always <p> and the /j/ semivowel is <y> since the contrast can only occur initially. Note that the dictionary gives two possible pronunciations for the word year, giving minimal pairs with both peer or pier and per or purr.
The contrast is between a voiceless plosive and a palatal semivowel. It causes no problems.
Interesting pairs include:
pearling yearling
potting yachting
The mean density value is 1%. The list makes 59 semantic distinctions, a loading of 68%.
P ye pa yah pack yak packs yaks pah yah pair yeah pall yawl palls yawls Pam yam pap yap par yah pare yeah parr yah pate Yate Paul yawl pause yaws pause yours paw yaw pawed yawed pawing yawing paws yaws paw yore paw your paws yours pawl yawl pawls yawls pawn yawn pawned yawned pawning yawning pawns yawns pax yaks pay yea pays yeas pea ye pealed yield pear yeah pearling yearling pearly yearly pee ye peeled yield peer year pen yen penned yenned penning yenning pens yens per year pet yet petty yeti pieced yeast pier year poke yoke poked yoked pokes yokes poking yoking poke yolk pokes yolks ponder yonder pooh ewe pooh U pooh yew pooh you pool you'll pool yule Poole you'll Poole yule poor you're pore yaw pored yawed pores yaws pore yore pore your pores yours pork York porn yawn pot yacht pots yachts potted yachted potting yachting pour yaw poured yawed pours yaws pour yore pour your pours yours purling yearling purr year purrs years
John Higgins, Shaftesbury, January 2010.