The Government has launched a new scheme offering anyone reaching State Pension Age before 6 April 2016, the chance to buy additional State Pension and increase their retirement income by up to £25 a week.
Minister for Pensions Baroness Altmann said: “Top up is an opportunity for people already retired, or reaching State Pension age before April 2016, to boost their later life income. It won’t be right for everybody and it’s important to seek guidance or advice to check if it’s the right option for you. But it could be particularly attractive for those who haven’t had the chance to build significant amounts of State Pension, particularly many women and people who have been self-employed.”
More information on State Pension top up and how to apply is available at www.gov.uk/statepensiontopup. This includes an online calculator which illustrates the contribution rates based on age and the additional amount someone wishes to receive.
The above information has been taken from a press release issued by the Department for Work and Pensions and Baroness Altmann CBE. To read the press release please click here.
