As things stand I'm likely going to have 3 sources of Retirement Income:
1. The Irish State Pension. Today this is roughly 200 a week.
2. My Employer Pension. This is dependent on Length of Service and Final Salary. And of course on the Scheme still be solvent in 35 years (which is not guaranteed). As I don't intend to spend a long time in my current job, I don't expect a lot from this pension if anything - maybe 20 euro a week at tops.
3. My Personal Pension/s. This is basically the money I put away out of my take-home pay towards Retirement. This will hopefully be my biggest Retirement Asset. Who knows what it will be worth in 35 years time (will depend on how much I earn in the future and investment growth) but I'm hoping a nice nest egg.
I worked in Britain for 7 months a few years ago and I recently received a letter from the British Government saying I'm entitled to 4/30ths of the British State Pension. And I can pay money each year for 26 more years to get the full pension. In today's money I'll have to pay roughly 400 pounds a year for 26 years in order to get say 90 pound a week pension on Retirement.
So 400 X 26 = 10400 in order to receive an annual pension of 90 x 52 = 4600. Pretty Sweet ! An awesome investment !
So I'm planning to make the additional payments all going well ! I hope the British Government don't change their rules on non-resident non-British people claiming British pensions - seems VERY generous to me ! (If I am understanding it correctly)