20th February 2017
Individuals who want to top up their state pension income have until 5 April 2017 to make an application.
People who reached state pension age before 6 April 2016 can use the scheme to boost their pension income by up to £25 a week.
The scheme is available to men born before 6 April 1951 and women born before 6 April 1953.
Individuals can choose to top up their income between £1 and £25 a week.
The amount contributed depends on the pensioner’s age and how much extra pension they want to receive each week.
For example, a 65-year-old who wants an extra £1 per week will need to pay a lump sum of £890, compared to £674 for someone who is 75.
The main benefits from the scheme:
- an increase in your retirement income of up to £1,300 per year
- an index-linked return
- a surviving spouse or civil partner may be able to inherit he income.
Talk to us today about retirement planning.