I worked in UK for 4 years, and left there in 2005. Last week I received a letter from UK Revenue saying I had made 8 years contributions, and that I needed to make 30 years worth in order to receive a full UK state pension (as things stand I would received eight-thirtieth's of a pension - currently £90.70 per week).
The letter gives me the option of making a contribution of £392.60 to bring my qualifying years up to 9 (i.e. to receive nine-thirtieths). I rang them to query it and they say that if I wish I can keep making these payments for 22 years in order to bring my qualifying years up to a full state pension - the amount I need to contribute will increase each year, but not by much - i.e. I will need to contribute c.£8,800 over 22 years in order to increase my pension from £24 per week to £90 per week.
Seems like a good deal. Does anyone have any insight on this, or other things I should be querying? The only additional thought that has come to me is whether I can postpone making the 22 years worth of additional payments until as late as possible - i.e. from the ages of 45 to 67 (which will be the age I qualify for state pension in UK).
(To put it in context I am currently 31 years old, have been contributing to work based pension schemes for the past 8 years or so - both in Ireland and UK).
The letter gives me the option of making a contribution of £392.60 to bring my qualifying years up to 9 (i.e. to receive nine-thirtieths). I rang them to query it and they say that if I wish I can keep making these payments for 22 years in order to bring my qualifying years up to a full state pension - the amount I need to contribute will increase each year, but not by much - i.e. I will need to contribute c.£8,800 over 22 years in order to increase my pension from £24 per week to £90 per week.
Seems like a good deal. Does anyone have any insight on this, or other things I should be querying? The only additional thought that has come to me is whether I can postpone making the 22 years worth of additional payments until as late as possible - i.e. from the ages of 45 to 67 (which will be the age I qualify for state pension in UK).
(To put it in context I am currently 31 years old, have been contributing to work based pension schemes for the past 8 years or so - both in Ireland and UK).