We have just completed buying back 'lost years' for a UK State Pension and we feel for us it has been worth it. Initially when we got the letter we did not pay much attention. My hubby had 21 years paid NI contributions so we needed to buy back 9 years to reach the 30 years required for a full pension. The cost was 626.60 sterling per year for Class 3 contributions. Then I came across an Expat forum where they were discussing Class 2 contributions. In short if you have paid Social Insurance Contributions in another EU country or a country that has a Reciprocal Agreement with the UK.... for the years you wish to buy back.. you may be able to buy those years at a lower amount.....a much lower amount.I worked in the UK for many years and have 18 years of NI contributions.
They wrote to me saying that I can pay for recent years that I have missed, as I am now living and working in Ireland. I am keen to do this, as I only have to pay 30 years NI before I am entitled to a UK state penion.
I pay PRSI here in Ireland though and have done for a number of years. Do the two get combined as I am still within Europe? Isnt there an agreement between European countries?
If I pay for the missing years in the UK, am I wasting my money, as I am currently paying PRSI here, so I am not really missing years, they are only being paid outside the UK?
Or should I pay up in the UK and try to get to the 30 years, so that I can get the UK pension, as well as whatever I end up with in Ireland?
The wife however is in a slightly different situation, she has 15 years or so in the UK and has not worked, therefore not paid PRSI in Ireland. In that case, would it be best to pay her missing years?
I am not looking for replies on how people think the pensions will perform in coming years, I just want to figure out if paying the missing years is effectively paying twice.
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