When I reach 66 in 2035 I will only be entitled to approx. 86% of Irish State Pension (forecast to have a total of 1797 combined reckonable contributions). Reason I'm short 300 odd is that I lived in UK for 11 years and paid no Irish contributions in this time (1989-2000). I will be shy about 5/6 years of contributions. My question is - can I buy back the shortfall? Apologies if this has already been asked..... Many thanks.
Irish State Pension (Contribution buyback)
- Thread starter Giller
- Start date
You can deferr your pension beyond age 66 up to age 70.
If you don't want to continue working you are allowed to make voluntary contributions up to age 70. This would cost 500 euro per year ang give you an extra 52 contributions each year. This would boost your pension. You would need to calculate if the loss of pension for the deferred years was worthwhile in order to get a larger pension later.
For each deferred year the basic pension rate is also increased.
If you are in good health at age 66 this might make sense for you.
If you don't want to continue working you are allowed to make voluntary contributions up to age 70. This would cost 500 euro per year ang give you an extra 52 contributions each year. This would boost your pension. You would need to calculate if the loss of pension for the deferred years was worthwhile in order to get a larger pension later.
For each deferred year the basic pension rate is also increased.
If you are in good health at age 66 this might make sense for you.
Thanks. And indeed, was hoping to go earlier
REMINDER: The minimum charge for Class S VCs is increasing to €650 a year with effect from 1 October 2024. See HERE.
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Reading the guidelines for voluntary contributions, the increase to 650 euro only seems to apply to voluntary contributions based on having paid class S Prsi beforehand.
Are you making voluntary NICs for your UK pension?
I thought you couldn't buy back contributions that far back from 1989 to 2000, Is it not restricted to last 6 years or so?
- apply within 60 months (5 years) after the end of the contribution year during which they last paid compulsory insurance or during which they were last awarded a credited contribution. In very exceptional circumstances, this period may be extended at the discretion of the Minister
Thanks for that. Will decide closer the time
Yes
- I'm forecast to have a 100% UK pension.