Our latest blog post might be of interest to a lot of WIBN members who have worked overseas.
You can read it on our website at progressivefs.ie/blog or I have pasted it below.
Have You Worked in the UK or Are You working There Now?
Safeguard Your entitlements
On the 6th of April, parliamentary changes came into force, increasing the number of National Insurance (NI) contributions required to get part of all of the state pension benefit when you reach your normal retirement age.
Here are the basics of how you are affected, and what steps you can take to safeguard your pension*.
- The full weekly rate has increased from £115.95 to £155.65
- Your NI record dictates how much of this you are entitled to
- Instead of only one year, you now need 10 years NI contributions to qualify for any state pension
- You now need 35 years to get the full state pension if you don’t have a National Insurance record before 6 April 2016
- Your entitlements usually remain no matter where you are resident at time of retirement
- If you have gaps in your NI record you may still get all or part of the new state pension.
- For example; if you were unemployed or worked abroad you may be able to make Voluntary NI contributions to fill those gaps and preserve your benefit.
- Assuming certain criteria are met, one year could be purchased for approx. £150.
How we can help?
- Progressive Financial Services, located in Dublin, are a registered Agent of the HMRC.
- We offer a fee based service to investigate your pension entitlements and advise you on your options.
- The initial call or consult is free, to get basic details and ensure its even worth investigating.
*Information is based on today and is subject to future changes.