Not sure if this topic has been discussed yet ?
I worked in UK fior 3 years in the 90s and it looks like a crowd in Galway will handle the application for you for a flat fee allowing you to buy back UK pension benifits
No win no fee
Does anybody got any experience with application
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There was a good feature on this on Drivetime a few weeks ago. You will be entitled to something but it’ll be very minimal, I reckon.
I’m not that au fait with the RTE Radio Player but you might be able to find the broadcast on that.
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It is worth looking into. You can top it up as well and pay money now for an increased pension at retirement and the figures would make sense. If you believe the UK will have any money to pay your pension when you retire.
They are closing it off shortly I think aren’t they?
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Yes they say its about to close soon. Potentially if you topped it up you could have a pension of 14 k/anum but im sure it would be treated as part of income and you would be taxed heavily on it ?
Lad I went to college with worked in UK for 6 years, he reckoned he’d make out 10:1 on this.
I don’t have the specifics on it and it’s almost certainly specific to his time there and what he was paid at the time, but if you did work in the UK for a decent stint you should be all over this.
To the best of my knowledge he’s doing the topping up thing and will end up with a decent UK pension down the line.
Where else are you getting 14k per annum?
Free tan money. Take it.
You can take less from your own pension then to keep tax down, depending on your pension structure.
But either way, nothing wrong with what is essentially a 14k annuity*
*Until they go bankrupt around 2035
It’s a very good deal if you top it up.
Literally FREE MONEY
Funnily enough my ould lad is just after getting a tax bill on his UK pension as the £14k odd he’s getting exceeds the £11k allowance giving him a “liability” of £250. As he’s no longer tax resident there he shouldn’t have to pay that to HMRC?
My pal is wondering does this work the other way round. Can he top up his Irish pension, or does such a thing exist? He is utterly clueless on this.
The UK pension kept the bar in Na Piarsaigh going for years.
It’s a great yoke but unfortunately they’re all dead now.
Martin lewis cover this subject very well on money saving expert as to whether it’s worth topping up
I’m in a similar boat to you and looked this up, I applied to them and about 18 months later they wrote back and they gave me back the exact information about how much missed national insurance contributions . So I had done three full years over there and so had just met the eligibility criteria to apply for a 10 year pension provided I paid fully contributions for the other 7 years. This fee owed is in and around £7k. The current 10 year pension in todays money is worth £50 per week. I think your idea of the scheme is off, you won’t be getting the full 14k a year pension at all. I haven’t decided if it’s worth my while yet (I know everyone says it is). But when I hit 68 or whatever I’ll be getting the equivalent to £50 from the UK per week which I’ve to convert to Euros (losing out in exchange rate) and also there’s a tax consideration. I presume at least 20% will be handed back to our tax man.
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My aul lad has got 25 years of a pension from UK from his ten or so years working there.
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£50 a week is over £2500 a year. You wouldn’t have to live too far into your 70s to get your money back. It should move up with inflation too.
But I do think the UK like all countries will be hard pressed to pay their pensions when the time comes for us to draw down
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What about the tax element? It won’t be a clean £50 it could be £30-35 after tax and in meantime it’s £7k of my money gone today, plus I don’t trust the UK economy particularly into the long term. I still have a year to pay it up, I could end up doing it yet
You’d be hedging I suppose.
Just on the tax. Before I ring one of the useless cunts over there again (dealing with these guys is painful from experience), do you still have a tax liability if you receive the pension once you’ve moved back to Ireland and are no longer tax resident in UK?
A long time since I did any tax work but I’d expect that if you’re a tax resident in Ireland it will be taxable here with credit given for any tax paid in UK under the Ireland / UK double tax agreement.
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