An extra £25 on your State Pension? Okay then!
This week the Government opened the doors on its new State Pension top up scheme, meaning millions of people could buy up to £25 a week on their State Pension.
Before you get too excited, the scheme is only available for people who reach State Pension age before 6 April 2016. So if you’re reading this and you’re a woman under 62 or a man under 64 then topping up isn’t for you, but it could be right for your parents or older friends and family. And on the plus side, you’re still young!
How does it work? It’s simple. You pay a lump sum and start receiving between £1 to £25 a week from your next State Pension payment. The amount you pay depends on how old you are and how much you want to get back. You’ll get your weekly payment for the rest of your life, and it will rise with inflation. Then your wife or husband can inherit it from you.
HERE IS AN EXAMPLE:
If you’re a 65 year old man and you want to top up your State Pension by £10 a week, you’ll need to pay £8,900. Or if you wait until your 66th birthday then it’s £8,710.
If you’re a 70 year old woman and want to top up by £1 a week, you’ll need to pay £779. Or if you want to get the full £25 a week, you’ll need to pay £19,475.
As you can see, the amounts change depending on your age and how much you want to get back.
The best way to find out how much you could top up by is to use the State Pension top up calculator at www.gov.uk/state-pension-topup
We spoke to Philip Morgan, 66, who is semi-retired from the entertainment industry and lives in Brighton, about why he plans to top up: “If you’ve got a certain amount of available money, it’s hard to imagine something that could be much better in terms of secure income.”
“When my father died he left me some money, so I’m interested in topping up because I want to turn that into a guaranteed income.”
Topping up suits Philip’s wife too: “The fact that some of the income can be inherited by my wife is really important.”
As always, it’s a good idea to look at your other options first and make sure you’ve got a full record. Philip says “I looked at if I needed to fill any gaps in my record first, but luckily I was fully paid up so I am getting the full State Pension anyway.”
The scheme closes on 5 April 2017, so there’s lots of time to think about it.
To apply now, visit: www.gov.uk/statepensiontopup
To register for updates, send an email to:[email protected]
Are you or anyone you know going to top up?
Latest posts by Silversurfer's Editor (see all)
- Is it time for Trump to go? - August 19, 2017
- Iconic Trips for your Bucket List - August 17, 2017
- The “Oops” and Downs at Ideal World TV Shopping - August 17, 2017
- Would you choose a Walnut Whip without the nut? - August 16, 2017
- From Student to Surgeon: training to become a cardiothoracic surgeon - August 15, 2017
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!