Yes. It's better than any investment return out there. If you have to borrow money make sure to make those contributions by April 2023!Does it make sense to make these voluntary contributions to try and maximise my UK pension ?
Do you mind my asking why are you been quoted 780 do you know. I thought you might be entitled to pay NIC 2 which are much cheaper?I am 56 and have worked in Ireland since 1995, so have payed 27 years of PRSI contributions to date. I am currently employed and planning to stay working for the next 10 years or so and then retire in Ireland, which would bring me to approx. 37 years of contributions.
My question is in relation to making voluntary NI contributions in the UK.
I worked in the UK from 1986 to 1996 and at some stage contracted out of SERPS. On my NI record statement (from 2019), it says that I currently have 13 qualifying years up to April 2019 and there is an option for me to make additional voluntary contributions for each of the 13 tax years from 2006/07 up to 2018/2019. The dead-line for this payment is April 2023 and the cost is 780 per year.
Does it make sense to pay these voluntary contributions to try and maximise my UK pension ?
I presume I could then continue to make voluntary contributions going forward to get me close to 35 years of UK NI contributions
I believe that if you are employed or self-employed in Ireland then you only pay GBP 158 per year approx for your NI contributions. I was quoted the higher amount and wrote asking to be assessed for NIC2 which was subsequently offered to me.Do you mind my asking why are you been quoted 780 do you know. I thought you might be entitled to pay NIC 2 which are much cheaper?
I think it is general, from HMRC. Someone explained that it is due to some change in eligibility so the window closes for back payments.Hi, can I just ask if that date of April 2023 is specific to your situation?
You’re a man born after 5 April 1951 or a woman born after 5 April 1953
You have until 5 April 2023 to pay voluntary contributions to make up for gaps between April 2006 and April 2016 if you’re eligible.
Hi phoenix53, I'm not sure, I was given a date of 05/04/23 to make contributions for tax years up to 2016/2017 and then the following deadlines:Hi, can I just ask if that date of April 2023 is specific to your situation? Is the dead line date a case by case date? Thank you.
No, I wondered if it was because i had contracted out of SERPS back in the day.Do you mind my asking why are you been quoted 780 do you know. I thought you might be entitled to pay NIC 2 which are much cheaper?
Thanks Jano, That is helpful information, and I will do likewise.I believe that if you are employed or self-employed in Ireland then you only pay GBP 158 per year approx for your NI contributions. I was quoted the higher amount and wrote asking to be assessed for NIC2 which was subsequently offered to me.
H Farma1,Yes - if you were working here and paying PRSI it should be the lower contribution - did you fill in the form at the back of NI38 leaflet? at the higher rate its good value, at £158 per year it should be the best investment you ever make!!!
I also opted out of SERPS and pay the Class 2 rate.No, I wondered if it was because i had contracted out of SERPS back in the day.
Thanks for that.I also opted out of SERPS and pay the Class 2 rate.
The difference from opting out is I will need circa 37 years (rather than 35) for a full UK contributory state pension
Start here.I worked in Northern Ireland for just over 3 years, where would I even start to look to see if it's worth making voluntary contributions?
Hi Farma I was told I could not get a copy of my national contributions as I did not have an uk address. They seem to tell different people different things. It appears though that record is not accurate as they have not taken into account some of my time working there so my forecast will then be inaccurate.H Farma1,
I haven't filled out any forms yet. I initially made contact with HRMC by phone and gave them my Irish address and they sent a copy my NI record with a list of the years that I am eligible to make contributions. As the deadline is approaching I am focusing on getting this sorted in the next month or two.
You can't set it up online unless you have a UK address.Hi Farma I was told I could not get a copy of my national contributions as I did not have an uk address.
If you ring them up, they will send it out. You can't obtain it online without a UK addressHi Farma I was told I could not get a copy of my national contributions as I did not have an uk address. They seem to tell different people different things. It appears though that record is not accurate as they have not taken into account some of my time working there so my forecast will then be inaccurate.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?