The idea was set up so that anyone who is already receiving a state pension, or is due to receive one before 6 April 2016 meaning that if they are men are eligible if they were born before 6 April 1951 and if they are women are eligible if they were born before 6 April 1953 to be compensated, as they will not be eligible for the new - and more generous - flat-rate state pension, which starts in April 2016. The maximum you can get is £1,300 a year, or £25 a week. This will be paid on top of the current state pension of £115 a week. How much you pay for that income depends on your age. For example, if you are 65, that £25 income would cost you £22,250. That is a one-off payment, which you will not get back.
However, if you are 80 it would only cost you £13,600. You can choose to buy a smaller amount. The top-up payments will rise with inflation, as measured by the Consumer Prices Index (CPI). Spouses or civil partners will, in most cases, be able to inherit some of the payments. They will get between 50% and 100% of the cash. The rules for passing on the payments are the same as they are with the additional state pension. If you want to find out if you are eligible Enable’s IFAs in Bishops Stortford are happy to talk you through your pension options.
Source : Department of Work and Pensions
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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