Irish vs UK pension ??

U

ukpokerguy

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I'm retiring from work in 3 years time at the age of 61.

I have lived and worked in both the UK & Ireland since 1999 and by the time I retire in 2022 I will have amassed 31 years full NI contributions in the UK and approx 7 years NI contributios here in Ireland.

What are my options for a state pension at age 68 in 2028?

Should I 'buy' further contributions for NI in the UK to take my contribution level up to 35 years (max for full state pension there) or t/f these 31 years contributions over to Ireland, where I now live, and get an Irish state pension in 2028?
 
You don't "transfer" your NI contributions from UK to Ireland

Under EU rules, (oops, with Brexit on the way, nobody knows how that will work) each country takes account of NI payments in other EU countries when calculating your entitlements

Without details of your UK entitlement, it is not possible to say what you should do about buying back years but as a general rule, it has been well worth buying back years in the UK until recently. New rules are now in place, so you would have to ask the UK Social Security for details to see if it is still worth doing
 
Thanks for the info Marc.

I did a quick check on the UK Government Gateway site and apparently have only 3 years to fill to get my full UK state pension and I can pay the voluntary 'missed' NI contributions until 2023. So for a cost of less than 2k I'll get an extra £12 a week for life from 2028.

As for an Irish pension I feel I'll fall a little short of getting even a minimum pension one as its based on 10 years contributions and I can't see that happening
 
That sounds like great value. £624 a week (or the equivalent of what, one Euro (i'm joking?) for life for 2k down payback in a little over 3 years and it can be inherited by a spouse or civil parter.

One of my client's did this and his wife is 13 years younger, fantastic investment!

There's your feed line, punch line anyone?
 


How do you inherit a state pension from your spouse?
 
Yes you should be entitled to a part Irish pension based on your 7 years contributions. The 10 year rule applies to those who have no other contributions, but in these uncertain times in both times countries its difficult to forecast
 
Just found this in an Irish Times article....

In order to qualify for a pension, you must have made 520 full-rate PRSI contributions (10 years of contributions). Up to 260 of the contributions may be voluntary.

You can choose to pay voluntary contributions if you are under 66 and no longer covered by compulsory PRSA in Ireland and if you are no longer making social security contributions (compulsory or voluntary) in another EU country. You must however have at least 520 PRSI contributions paid and you must apply to make voluntary contributions within 60 months of the end of your last contribution year and agree to pay voluntary contributions from the start of the week after your last compulsory insurance.

Can I claim an Irish and UK state pension if I’ve paid into both?

I haven’t completed the 520 mininimum payments for a State pension, but would like to pay
www.irishtimes.com

Useful to know
 
You can claim an Irish pension as well as your UK pension under the present rules. Perhaps its time to have a chat with the pension Dept in Sligo
 
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