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Scheme Enabling UK State Pension Top-up Launched

Today saw the launch of the UK government’s new State Pension top-up scheme which will run until 5 April 2017. Men and women eligible for the State Pension before 6 April 2016 are able to make a voluntary contribution to top up their State Pension between £1 to £25 per week. How much a person would need to contribute will depend on:

  • how much extra pension per week is desired; and
  • how old a person is when the contribution is made.

By way of example, for a 65 year old to obtain an extra £10 of State Pension a week would require a lump sum payment to the UK Government of £8,900. The top-up option will not be right for everyone and will depend upon a person’s existing financial circumstances, health and marital status. However, for those who have not had a chance to build up significant amounts of State Pension, this may be an attractive option.

Further information on the new top-up scheme can be found at State Pension Top Up Calculator