Are you one of the hundreds of thousands of Irish people who spent time working in the UK from the 1970s onwards? Think you’re not eligible for any pension entitlements because you only worked there for a short period? Introducing XtraPension, a Galway-based company that promises to help you claim your UK State Pension
XtraPension offers expert guidance to those seeking to claim a UK State Pension. Having filed over 4,500+ successful HM Revenue & Customs (HMRC) applications over the last decade, the XtraPension team is uniquely well placed to guide customers through the application process, compiling all relevant documents and submitting on their behalf. If an application is approved by HMRC, XtraPension then guides customers through the process of paying voluntary contributions to secure a UK pension currently worth up to €12,250 (£10,608) per annum and increasing annually – with no impact on their standard Irish State Pension.
Currently, Irish people who lived and worked in the UK for a minimum of 1+ years may be entitled to a UK State Pension, thanks to an EU law from 2004 that applies post-Brexit. Not only that, but they can pay for voluntary contributions to fill gaps in their National Insurance Record and, in doing so, boost their pension.
Most people working in Ireland are able to pay approximately €200 per year directly to HMRC which buys them a UK pension worth over €5,000 in retirement for each year they chose to buy – assuming an average Irish lifespan.
The more years people choose to buy, the bigger the UK pension they get.
Right now, Irish people can cheaply pay for past years from 2006 (or later if that’s when they left the UK) up until now, potentially buying as many as 18 years. The scheme as it stands is currently being operated at the discretion of the UK Government and has been subject to high demand. Applicants have until April 2025 to pay voluntary contributions to make up for gaps between 2006 and 2016. After that deadline, applicants will only be able to buy back a maximum of six years.
For example, an Irish person who spent 9 years working in the UK could opt to pay for just 1 year at a once-off rate of approx. €200 and secure a minimum UK pension of €3,500 every year. Alternatively, they could buy up to 26 years’ worth for €5,200 to secure an annual UK pension of €12,250 every year once they turn 67.
Put simply: a once-off payment of €5,200 would provide a UK pension of over €180,000 if a person lived until the age of 82.
Sound complicated? That’s where XtraPension comes in
Using XtraPension’s world-first online tool, customers can find out within seconds if they are eligible and receive an instant estimate of UK State Pension income and costs. Once eligibility has been determined, customers are asked to supply three pieces of information to XtraPension: their work history, National Insurance Number (or where they’ve lived), and an easy-to-get PRSI Statement. This process is easy and takes just minutes.
XtraPension will be exhibiting at the 50 Plus Show in the RDS on the 14th & 15th of March – Admission is Free by Registering Here