Tony Skinner discusses with John Ring the benefits of claiming a UK state pension for Australians and UK expats in Australia and New Zealand who have lived and worked in the UK.
John explains that individuals can maximize their UK State Pension by buying additional years of National Insurance contributions, with a current opportunity to buy 18 past years expiring on 5 April 2025, after which you can only buy six past years of NI contributions.
The standard rate for contributions is $1,700 per year, while the cheap rate is $350 per year. Tony, who worked in the UK for six years and Australia for four years before 2001, could potentially increase his annual pension from $4,200 to $17,000 by buying these additional years.
John’s company, XtraPension, assists with the application process for a fee.
Note there is no guarantee to receive a UK pension.
