Those living in Ireland who worked in the United Kingdom may be eligible for a boost to their pensions.
However, with the deadline fast approaching, those who could be in for the cash boost are being urged to get their paperwork in order, RSVP Live reported.
If you were a worker in the UK and paid their national insurance (NI), you should have permission to access a pension.
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Until recently, individuals could only pay for a maximum of six previous years that were missing from their NI records.
Now, this will see a change after major restructuring was announced to the country’s state pension seven years ago.
Irish people that worked in the UK for three years in a row and submitted NI stamps can now buy back as much as sixteen additional years to their their British pension.
To be eligible, workers need to have 10 qualifying years on their NI Record to receive a minimum UK pension.
Now, people need to have 35 qualifying years on their NI record to get the full pension.
The pension payments in the UK recently increased, with workers receiving £203.85 a week. This is equal to €231.
If you do not meet the requirements for your NI record, people can add an additional 16 extra years to their UK pension.
This is a major boost for people, adding to their pension from the UK, while also claiming any qualifying pension they can from Ireland.
If you are able to receive this, the deadline is July 31, 2023 to pay the voluntary contributions for the gaps between 2006 and 2016.
The expense of purchasing back these years depends on the HM Revenue and Customs you were in.
If you were in Class Two, you will need to pay £163.80 (€185.59) for each year. For those in Class Three, you need to pay £824.20 (€933.83) for each year.
You can find more information on this here.
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