State Pension Top Up

From 12 October 2015 to 5 April 2017 you’ll be able to apply to make a ‘Class 3A voluntary contribution’ to top up your State Pension by up to £25 per week.

You must be a man born before 6 April 1951 or a woman born before 6 April 1953, and entitled to Basic State Pension (or Additional State Pension) before 6th April 2016.

Whether this makes good financial sense depends on your circumstances and the Government website gives a example of the cost/value of this:

‘You are 68 years old in October 2015. You decide that you want to get an extra £5 per week (£260 a year) on top of your pension.

The cost of an extra £1 per week for a 68 year old is £827, so you multiply £827 by 5.

You’ll make a lump sum payment of £4,135.’

You should consider a number of things such as current provision and the income you will require in retirement. Contact us on 0113 436 0110 to discuss your pension planning and to book a complimentary pension review.