If you are an Irish resident who has worked in the UK for more than three years, you may be entitled to buy a UK State Pension years back, which can increase your pension entitlements. In this blog post, our financial advisor is discussing everything you need to know about claiming your UK State Pension.
What is the UK State Pension?
The UK State Pension is a valuable benefit for those who have worked in the UK, and it is paid to eligible individuals who have made enough National Insurance contributions. If you have worked in the UK for at least three years but less than the 10 years required to qualify for a full UK State Pension, you may still be eligible to buy a UK State Pension years back.
How Does Buying UK State Pension Years Back Work?
The process of buying a UK State Pension years back involves making voluntary contributions, which can help to fill gaps in your National Insurance record. This can be particularly beneficial if you have moved to Ireland and are no longer making National Insurance contributions in the UK, as it can ensure that you receive the full amount of the UK State Pension to which you are entitled.
How Much Can You Get from the UK State Pension?
The amount you can receive from the UK State Pension will depend on your National Insurance record. For example, if you have contributed for 35 years, you can receive the full amount of the new UK State Pension, which is currently £179.60 per week. If you have contributed for less than 35 years, your pension entitlement will be reduced on a pro-rata basis.
We are running a webinar to help you
Due to high demand, we have decided to run a webinar on this on Tuesday, March 28th from 7:00 pm to 7:30 pm. There is a discounted cost of €75 to attend this webinar until March 25th. Learn all you need to know about buying back years on this webinar.
Pay here and you will receive the confirmation link to this webinar.
At Alpha Wealth, we can assist you in determining whether you are eligible to buy a UK State Pension years back, as well as calculating the cost of doing so. We can also help you to navigate the application process, which can be complex and time-consuming.
In conclusion, if you have worked in the UK for more than three years and are now living in Ireland, you may be entitled to buy UK State Pension years back, which can increase your pension entitlements. At Alpha Wealth, we can assist you in this process, so don’t hesitate to contact us for more information.