Claim Your UK State Pension
If you ever worked in the UK there are some important developments to the UK State Pension that might be of interest to you.
Currently if you’ve worked 3 years or more in UK/Northern Ireland, you may be entitled to claim a UK State Pension from age 67. The current UK State Pension, if you qualify for the full amount, is £203.85/week (£10,600 per year) and to qualify for the full UK state pension you need to have 35 years of National Insurance contributions paid.
However you do have the opportunity to buy back up to 16 years pension rights at very little cost to increase your future UK State Pension. This option must be exercised before July 31st this year. After July you can only buy back 7 years, limiting your ability to claim full State Pension rights.
In relation to the future benefit of the enhanced income you can buy, the cost is relatively minor. In most cases it makes sense to avail of the opportunity before the option changes in July of this year.
If you have any questions or would like more information on how to go about this, please get in touch with Joanne on 01 5267770 or email email@example.com
Dublin: 01 5267770
Wexford: 053 9110380
Jim has been providing tax, pension/investment and lifetime financial planning advice to clients for over 30 years. He has an in-depth understanding of Business Owners and their requirements, which allows him to guide his clients through the complex world of long-term financial planning.