State pension entitlement: New online tool shows if you could boost retirement sum
State Pension: Expert outlines criteria to qualify
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State pension payments are often the bedrock of retirement, and many will want to get the maximum amount possible. The amount of state pension a person receives depends on their record of National Insurance contributions.
At present, the new state pension is worth £185.15 per week, typically for those with 35 years or more of eligible contributions.
Some may get less than the full sum if they were contracted out before April 6, 2016.
However, to determine whether it is possible to boost one’s state pension, a useful tool has been developed.
It has been launched by former pensions minister Sir Steve Webb, who is well known for drawing attention to a wide range of state pension and retirement issues.
Available online, it can be used by those who fall under the new state pension system, meaning men born on or after April 6, 1951 and women born on or after April 6, 1953.
The tool can be used anonymously, but Britons will need to provide specific information.
The website explains: “To use this site we will ask you to gather some information about your own National Insurance record from the gov.uk website.
“This is because it is your own individual record which will determine if you can boost your state pension.
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“The answer may be different for each individual.”
To use the tool, Britons will primarily need the following information:
- Any figure shown on their forecast for the weekly state pension they can expect
- A list of the years from 2006/2007 onwards shown as “not full” on a National Insurance record
Individuals should be aware the most recent year may not have been loaded yet on their National Insurance account.
A person will be required to enter their age, and then answer a series of multiple choice questions about their state pension circumstances.
This can include details of their state pension forecast as provided by the Government.
Not everyone will be able to boost their state pension, it should be noted.
As a result, Britons are encouraged to check with the Government before paying voluntary National Insurance contributions.
The tool is designed to provide useful information but not financial advice.
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Topping up a state pension will be the right decision for some, but not appropriate for others.
Consequently, Britons may wish to take the results from the tool to a professional adviser if they wish to gain further guidance.
Individuals can check their state pension forecast online, considered the “quickest way” to do so.
Other ways to apply include filling in a BR19 application form and sending it by post, or calling the Future Pension Centre.
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