Thank you. I’m afraid I still don’t really understand it. Does this mean that I would have to make a payment for each year since 1990?Read Key Post
Thread 'UK State Pension - Make voluntary contributions to qualify for UK pension on top of Irish pension' https://www.askaboutmoney.com/threa...or-uk-pension-on-top-of-irish-pension.230581/
Thank you. I have read the thread again a few times and I think I can apply.You can claim Class 2 if when you left the UK you did so to take up employment elsewhere.
Perhaps you need to read the thread linked above a few more times to digest it?
It could be very much to your advantage.
Many questions that have arisen, including yours above, have been very well answered by DannyBoyD and others.
When you say rising to £58 do you mean in April 2024 when the next increase kicks in?If I similarly have 6 eligible years on record.
If I only wish to pay for 4 more years at Class 3 to reach the minimum 10 years, then I get a percentage of the UK pension which will be £54 per week risng to £58.
£824 x 4 = £3296
3296 ÷ 54 = 61
After 61 weeks of receiving that UK pension I'd have recovered the cost of making those extra payments.
And would thereafter receive £54 a week until my death.
Have I got that right?
Yes I agree but the benefits are hefty too. It all correlates...you just scale up. Payback is in the same period assuming no deductions - A higher pension amount will be more likely to tip you into paying tax if you have other income too.To pay 10 years x £824 class 3 payments to reach the 16 years is a hefty upfront investment of almost €10k.
And you can't pay as you go, so to speak.
You'll have to start doing some returns once you begin drawing a foreign income! That's how they know!The income tax is a consideration I never thought of.
The UK pension is declared on the Form 11?
If you are a PAYE worker and never do your own tax returns, how does the UK pension income get reported to Revenue?