Uk Pension Forecast Question.

C

Cobra

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I got a pensions forecast from the uk. I have 20 qualifying years,but need 30 qualifying years for full state pension. For each qualifying year of my 20 qualifying years i will get 1/30th. of basic pension which is 95.25. Will be 65 in 4 years time and resident in Ireland for the past 20 years and employed here and not returning to uk. How much will my sterling pension be. ?
 
Looks like you would get 2/3 of 95.25 = 63.5, based on current rates.

Are you doing a similar check for your Irish pension
 
As far as i know the irish pension dont do pension forecast anymore, correct me if im wrong. But i have worked for the past 20 years here so i think i will get the full irish by the time i retire.
 
You are correct, the Irish pension office don't do forecasts any more but it always advisable to obtain a copy of your PRSI records especially if you have any breaks in your work record in Ireland.

From the records you can work out the level of pension for you
 
Hello Black Sheep:
I have an Irish insurance record and if i were to work untill my transition year, when i plan to retire.
which would be 26 years prsi from 1988 . i have 1218 total = average 46 which would leave me average of 2 short for full pension?
Question: 1965 i have 52 credits and 1966 15 credits and 1972 12 credits: are those taken into consideration, if they were i just might be able to get an average of 49 Would love to know. Cobra.
 
If you have a yearly average of 48 from 1979 to year of retirement you would be entitled to a full pension. However this does not seem be the case for you.

Your year of retirement appears to 2014 (correct me if I am wrong) therefore you would need 1248 contributions since 1979

So it looks like they would calculate on the basis of full working life as follows:-

  • Date of entry to employment 1965
  • Date of retirement 2014
  • Full working life = 49 years
  • Total number of contributions 1218 divided 49 =24.8(yearly average)
  • Pension entitlement = 98% (current rate 225.80)
Not sure if I should have added the '65 & '66 credits to the 1218 or are they already included, but they won't make any difference to the amount of pension payable
Hope this helps
 
I see what you mean now. what ever way i look at it , its going to be reduced to 225.80.
My wife is going to be getting her pension end of this month 225.80 from her own credits.
Will this mean she will carry on getting this 225.80 when i retire in her own right and i get 225.80 myself or will one of us get the additional dependent amount.
 
Yes, you will each have your own seperate pensions in your own right.

BTW does your wife have a UK pension
 
My wife is getting a uk pension of 7.60 a week. What i was wondering is when the new legislation comes in next april will her pension be adjusted accordinally or will it stay at the same amount as when she got it 3 years ago: it seems she would be alot better off if she were for instance retire next year. any ideas on this one. Cobra.
 
Not sure if there would be any changes for her but her situation should improve when you get your UK pension and claim for her, instead of her own claiming in her own right
 
I dident know that i could claim for her when i get my pension from uk eventually. Thats very interesting. is it possible for you to explain this more to me or how could i find out more about it.
 
Uk will pay 60% of your pension to your spouse. You simply fill in your spouses details on the your own pension application form.

I understand this will cease in 2020 (if we are all alive then) so she could possibly return to claiming her own pension.

Just Google UK pensions for further info
 

Thanks for all the info. i shall look into this further. might take awhile. Will let you know of results. You seem to be well up on this pension stuff.
 
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