| Pensions Advice 12:56 - May 12 with 5297 views | BrianMcCarthy |
"Ever worked in the UK? Here’s your step-by-step to buying yourself a UK state pension alongside your Irish one — and on the cheap"
https://mwm.ie/uk-state-pension-entitlement-guide/
More advice sought from the LFW experts, please.
Quite a bit of stir back in Ireland about this opportunity to buy/top up UK pensions for those Irish people who have worked there.
My family have put me in charge of finding out about it, but I haven't an iota about pensions so I'm asking the brains trust.
Slightly different situation for my brother and I as we were born in England and worked there for eight years as adults. The rest of my family were born in Ireland.
Any info on entitlements would be greatly appreciated.
As ever.
|  |
| |  |
| Pensions Advice on 19:55 - May 17 with 603 views | JimmyR |
| Pensions Advice on 16:46 - May 17 by GloryHunter |
So are there any actual professional pensions advisors on this board? I have a simple question about annuities that I would like to ask someone who is not going to try to scam me. |
I am yes - feel free to DM if you need to
It's unlikely buying an annuity at 5/6/7% will give you good value. You can get 5/6/7% from something like the Royal London GRIPs income funds
If you had 100k and that fund produced 6%p/a and you were paid out £6000 every year in 10/20 years time you'd still have you 100k. This approach keeps the money with you, its accessible, you could take the whole lot at some point if you needed to. Its flexible i.e you can alter how much you take. And you are not giving your 100k (or whatever) over to an insurance company who get to keep it if you die
Unless you have a very specific need for a guaranteed index linked income i can't really see why you would buy an annuity. You are giving your money over to someone else with more money thank you in return for an income
This year with inflation at 10% if you bought one that wasn't index linked, you've reduced and insurance companies liability by 10% and they didn't even have to do anything
in 2015 the government in a rare act of caring/kindness for its citizens introduced the pension freedoms so you aren't forced into buying an annuity anymore - because often this normally led to such poor outcomes for the end users i.e you |  | | |
| Pensions Advice on 10:04 - May 18 with 514 views | GloryHunter |
| Pensions Advice on 19:55 - May 17 by JimmyR |
I am yes - feel free to DM if you need to
It's unlikely buying an annuity at 5/6/7% will give you good value. You can get 5/6/7% from something like the Royal London GRIPs income funds
If you had 100k and that fund produced 6%p/a and you were paid out £6000 every year in 10/20 years time you'd still have you 100k. This approach keeps the money with you, its accessible, you could take the whole lot at some point if you needed to. Its flexible i.e you can alter how much you take. And you are not giving your 100k (or whatever) over to an insurance company who get to keep it if you die
Unless you have a very specific need for a guaranteed index linked income i can't really see why you would buy an annuity. You are giving your money over to someone else with more money thank you in return for an income
This year with inflation at 10% if you bought one that wasn't index linked, you've reduced and insurance companies liability by 10% and they didn't even have to do anything
in 2015 the government in a rare act of caring/kindness for its citizens introduced the pension freedoms so you aren't forced into buying an annuity anymore - because often this normally led to such poor outcomes for the end users i.e you |
Thanks mate. Have DM'd you. |  | | |
| Pensions Advice on 17:09 - May 18 with 455 views | francisbowles |
This is my experience. I packed up work in September 2017 and I am 66 this year, when I reach state pension age.
My company was contracted out of SERPS. This meant that both my employer and myself paid a little less NI and I got a bit more in my company pension. These were Class 3 contributions. Consequently, although I contributed for at least 38 years I have a shortfall of 7 years.
The first year is only a little short (I paid from April to September) and paying just £15.85 boosts my pension by £5.72 a week. That's a no brainer.
The other six years vary slightly but mainly I have to pay £824.20 to buy the year. In total for the seven years I have to pay £4909.05 to boost my pension from £163.71 to a full state pension of £203.85. That's an extra £2087.28 pa before tax.
So as long as I live three years, I should break even. Anything after that is profit.
It's worth noting that the amount to pay to buy back years is going to increase by about 10% after 31st July.
So if you are thinking of it, go on gov.uk, get a government gateway code and find your state pension forecast. Then ring the Future Pension Centre, 0800 731 0175 which takes forever to get through to but is really helpful in a one to one with a pension expert.
Then if you decide to go ahead you need to ring HMRC on 0300 200 3500 to get a unique reference number to make the payment.
I finally got mine done yesterday, after a few days of trying to get through. | | | |
| Pensions Advice on 17:32 - May 18 with 452 views | Mick_S |
Cheers very much fb. Just done the forecast as the knees ain’t what they used to be and all is good. |  |
| Did I ever mention that I was in Minder? |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
