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UK state pension

greengirl1968

Hi there

I have worked in the UK 15 years and have the opportunity to buy pension contributions for some of the years I have missed. Is this a good idea? It will cost me £20,000 approx.

I have also worked in Ireland for 10 years approx. Can I receive both pensions at age 66 and will I be taxed on them

Thanks

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BailMeOut

Sorry if this answer is already posted somewhere above but I made my "application to pay voluntary contributions for periods living or working abroad" mid March this year for the first time. How long does it typically take for them to confirm if the application has been approved. The email I got back in March says 'We will write to you to confirm if your application has been approved' and do I get this via email or regular post?

peejay1986

https://www.boards.ie/discussion/comment/122478017#Comment_122478017

Perfect, thanks again for explaining. Big help.

Widows Son

https://www.boards.ie/discussion/comment/122478002#Comment_122478002

Anything over 35 years is a waste. If it was me id pay the cheapest years now, as many as I could afford, in case they change the rules going forward. If you can continue paying at the low rate going forward continue until you have 35 years.

peejay1986

https://www.boards.ie/discussion/comment/122477980#Comment_122477980

Aaaah ok. Thanks for clarifying that.

So, she's almost 37 years old now and already has five years contributions. So would she be able to just pay a couple of the cheaper ones and then continue to pay yearly until 67?

That would total more than 35 years then.

Widows Son

https://www.boards.ie/discussion/comment/122477943#Comment_122477943

You can pay any years you like. If you only have ten years contributions you only get Ten thirty fifths of the pension. You need 35 years to get the full pension and a minimum of ten to get anything at all. You should also be able to pay in future years up till your 67th birthday.

peejay1986

Really sorry but I've had a read through the thread and still confused.

My wife just received her calculations letter today.

It states she has 5 years of qualifying payments and says you need 10 to qualified for state pension.

Similar to above, she has a list of years on back from 2006 to 2024 (although 10-11 and 11-12 aren't listed for some reason) with payment amounts beside.

Do all of these need to be paid or just another five years to bring it to 10 years?

Widows Son

https://www.boards.ie/discussion/comment/122476760#Comment_122476760

00441912037010 ask for the international case officer.

SCOOP 64

What are you ringing them about?

To see they are getting any further with my request to pay class 2 contributions, feels like nearly a year now, got the odd later for more information which I have sent on.

Like to actually talk to someone.

RCSATELLITES

https://www.boards.ie/discussion/comment/122473404#Comment_122473404

😂 Don't be hard on yourself. Now that was the letter I received recently for 2023-2024 not the other letter with the last 7 years 👍

Deenie78

https://www.boards.ie/discussion/comment/122470925#Comment_122470925

https://www.boards.ie/discussion/comment/122470904#Comment_122470904

Thank you both!

Strange that's not on the letter I received (was a bit worried there that I was that dope that didn't check both sides!!)

RCSATELLITES

https://www.boards.ie/discussion/comment/122470755#Comment_122470755

It's on the back of the letter you would have received. Here is a picture of mine.

PaybackPayroll

https://www.boards.ie/discussion/comment/122470755#Comment_122470755

Pay Class 2 National Insurance if you do not pay through Self Assessment: Make an online or telephone bank transfer - GOV.UK

Deenie78

I'm sure this has been asked before but I can't find the answer - how do find the bank details to send my back payment to? TIA

Widows Son

https://www.boards.ie/discussion/comment/122469688#Comment_122469688

You will have another 16 or 17 payable in the future most likely at the lower rate.. I reckon I've saved you about two and a half grand....

danoriordan1402

https://www.boards.ie/discussion/comment/122469613#Comment_122469613

Hadnt thought of that to be honest, good point - I am 50 currently

RCSATELLITES

https://www.boards.ie/discussion/comment/122469585#Comment_122469585

Don't know why they gave 47 and 5 for 2023 to 2024 separately. But that year for them is finished back in April 2024. Tax year in UK April to March. The new Tax year is 2024 to 2025 and you won't be able to pay for it until after April 2025. Hope this answers your question. So you will be fully up to date, once you pay. Might be a good time to look at converting some euro to pounds now, as pound dropped along with stocks and shares.

Charles Babbage

On the above, is a line "To find to if your State Pension will increase after you pay voluntary NICS, you must phone the Pension Service"

From other comments here that does not seem to be an easy thing to do, as the phone queue just times out.

Can you email or write to them? I don't see that I have any complications, I had the bare 3 years contributions which are mostly credits, they have agreed that I can pay voluntary contributions, I have to pay Class 3 in any case. I was considering just writing a letter setting out all the information and indicating the years etc and posting that off with a sterling cheque.

Widows Son

https://www.boards.ie/discussion/comment/122469585#Comment_122469585

Depending on how old you are it might make sense not to pay the three most expensive years there if going forward you can make them up at the lower rate.

danoriordan1402

I must say I had a quick turnaround, I also had to get my NI number as I could find any previous payslips with it, or any other docs. So I got that in June, send the query off to get the contributions, sent another query off to state my case for the lesser amount class contributions and finally got a letter last week:

It stated I had 10 qualifying years already and listed out the payments below:

Worked it out as a bit less than 6k in total - so if I pay this, it will have me up to day, excluding the partial rate 2023 to 24 I guess ?

Rock Steady Edy

6 months (at which point they didn't allocate it to the right years) and another 3 months to correct it after I pointed it out.

Widows Son

https://www.boards.ie/discussion/comment/122469409#Comment_122469409

How long did it take from time of payment to showing in your record?

Rock Steady Edy

Can see on line that I've finally been credited for.the years I topped up - whole process took 18 months from start to finish. Mine was a fairly straightforward case where I gave them all the information they needed in Jan 2023, and they informed me how much I was due to pay 8 months later, which I promptly did.

Charles Babbage

https://www.boards.ie/discussion/comment/122414635#Comment_122414635

It might be wise to check the cost of other transfer options. Then you have the option of transferring at a time of your choosing. For instance, the € is up 1.5p in the last week.

This kind of site indicates the options https://www.monito.com/en/compare/transfer/ie/gb/eur/gbp/1000

Widows Son

What are you ringing them about?

SCOOP 64

Still can't get through (00442890538192) always drops at 11 minutes on hold .

OfflerCrocGod

I used Revolut. I have a £ Revolut account from when I was in the UK. You can open one easily. Then just transfer over every month up to the free limit and pay the lump once you've enough.

Peckham

https://www.boards.ie/discussion/comment/122414255#Comment_122414255

That limit is lifted after a few days. 2 days, I think.

rob_satellites

https://www.boards.ie/discussion/comment/122414255#Comment_122414255

Is that not only on the app. If you physically go down to a branch then you can send as much as you want?

Heiser

If it's ok to pay through Revolut it might be better to sign up for their Plus plan, for a yearly €48 you get free currency exchange up to €3k.

Depending on how much you need to send, most of that could be made back in the savings on fees in sending sterling to the HRMC account, plus then you get the other Revolut Plus benefits.

Heiser

Ive to pay the last 12 years worth of contributions, I was going to pay through my Bank of Ireland account but as they would be a new payee I'm limited to sending them only €1000. Has anyone sent their payment through Revolut?