Boost Your UK State Pension: Irish Citizens' Limited-Time Opportunity

Boost Your UK State Pension: Irish Citizens' Limited-Time Opportunity Ending Soon

If you are an Irish citizen who has worked in Britain for at least three consecutive years and have made National Insurance contributions (similar to PRSI in Ireland), you may have the opportunity to boost your UK state pension. Under current rules, you can potentially purchase up to 18 additional years of contributions—far exceeding the standard option of six years.

There is a deadline to consider: you have until 5th April 2025 to make voluntary contributions to fill in gaps from 2006 to 2024. After this date, the opportunity to make contributions will be limited to the previous six years.

Purchasing the maximum of 18 years can significantly enhance your pension entitlements. To qualify for the minimum UK state pension, an individual must have a record of at least 10 qualifying years. Achieving the full pension, currently set at £221.20 per week, requires a total of 35 years of contributions. If you have at least three years of paid national insurance contributions in the UK, you can boost this record by making voluntary contributions.

The expense of topping up your UK pension will vary based on the class of contributions. For Class 2, the cost is £3.45 per week, or £179.40 per year. For Class 3 contributions, the cost is higher at £17.45 per week or £907.40 per year.

The application process is mostly available online, making it more convenient to apply. However, as processing times can vary, it’s advisable to take action sooner rather than later.

For more details and to apply, visit GOV.UK – Apply to Pay Voluntary National Insurance Contributions When Abroad (CF83).

Cantor Fitzgerald can work with you to review your retirement arrangements and formulate a cohesive retirement and investment strategy. We understand that retirement can mean different things to different people and have a range of pension solutions to suit your individual retirement planning needs.

Interested in learning more? Call 01 566 1608 or email [email protected]

Marta Pelc, Pensions Advisor

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WARNING:

This document has been prepared and distributed by Cantor Fitzgerald Ireland Ltd (“Cantor”) for information purposes only. It is not intended and does not constitute personal recommendations or tax advice. You should seek specific advice based on your particular circumstances.

WARNING:

This information is based on our understanding of current pensions and tax law which is subject to change without notice. Cantor Fitzgerald are not tax advisors nor does this marketing communication constitute tax advice.

Disclaimer

Cantor Fitzgerald Ireland Ltd is regulated by the Central Bank of Ireland and is a member firm of Euronext Dublin and the London Stock Exchange.

This communication is marketing material, and it is intended for transmission to Irish retail clients of Cantor Fitzgerald Ireland Ltd.

It has been prepared for information purposes only and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. It is not intended to and does not constitute personal recommendations or investment advice, nor does it provide the sole basis for any evaluation of the securities discussed.

Specifically, the information contained in this communication should not be taken as an offer or solicitation of investment advice or encourage the purchase or sale of any particular security. Not all recommendations are necessarily suitable for all investors and Cantor Fitzgerald Ireland Ltd recommend that specific advice should always be sought prior to investment, based on the circumstances of the investor.

Cantor Fitzgerald Ireland Ltd believes all information in this communication to be reliable and all reasonable efforts have been made to present accurate information. Neither Cantor Fitzgerald Ireland Ltd, nor any of its employees, directors or agents, shall be liable to for any losses, damages, costs, claims, demands or expenses of any kind whatsoever, whether direct or indirect, suffered or incurred in consequence of any use of, or reliance upon, the information. Any person acting on the information contained in this communication does so entirely at his or her own risk.

All estimates, views and opinions included in this communication constitute Cantor Fitzgerald Ireland Ltd.’s best current judgment as of the date of the note but may be subject to change

Boost Your UK State Pension: Irish Citizens’ Limited-Time Opportunity Ends Soon

Boost Your UK State Pension: Irish Citizens' Limited-Time Opportunity Ending Soon

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