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Monday, October 12, 2015

State Pension Top Up

Over seven million Britons are being offered the chance to top up their state pensions.

Men over the age of 65 and women over the age of 63 can get up to £25 a week extra on their state pension, in return for a one-off payment.

The size of the top up depends on age and how much extra a week (maximum £25) they want.

The offer is open to existing pensioners and anyone who will reach state pension age before April 2016.

The top-up payments will rise with inflation, as measured by the Consumer Prices Index (CPI).

In addition, 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.

Those wanting to apply will now have 18 months to do so. Unlike pensioner bonds, there is no limited pot of money.

Here is a link to the pension top up calculator.

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