It has recently come to light that thousands of people however would l not get the full amount if they have at some point been contracted out and paid a reduced rate of National Insurance. This set of circumstances is affecting s workplace “final salary” schemes and public sector workers such as teachers and nurses. But by filling in gaps in National Insurance records, you can dramatically boost state pension
But by making voluntary or “Class 3” lump sum payments you can fill in any missing years in your National Insurance record. It may mean you have to spend £4,000 to boost your state pension by £23,000 but hundreds of thousands of people are being urged to use a generous Government scheme to do just that. This guide published by Royal London, Britain’s biggest mutual company, explains how a single year of National Insurance can be purchased for around a lump sum of £733. This will boost state pension payments by around £230 a year for the rest of your life, totalling £4,600 in extra income over a typical 20-year retirement. Filing in five missing years using Class 3 contributions would cost you under £4,000 but generate nearly six times the outlay in extra state pension.
http://www.telegraph.co.uk/pensions-retirement/financial-planning/spend-4000-to-boost-your-state-pension-by-23000---heres-how/
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
No comments:
Post a Comment