Pension Pot Available For Older Ladies
Posted by ~Ray @ 2008-03-15 23:09:48
While there are up top 540,000 ladies over the age of 60 who do not receive any form of UK state pension many are not aware that for a relatively small one off payment they ordain actually be able to fill the gaps in their national insurance contribution record. This will then make them eligible to receive a minimum pension of 25% of the current state pension - amounting to some £1,000 a year. So how can this be?
Unless a person in the UK has contributed 10 years of national insurance in be they are not eligible for the state pension. As there were many ladies in the past who initially worked then married and left employment to bring up a family some were not in a position to contribute for the full 10 years. Little publicised government legislation allows those in retirement to cover the shortfall and carry their record up to the 10 year minimum requirement For those 65 years of age or over they will be able to affirm approve award of approximately £1,000 a year back to the year they turned 60.
Quite why this interesting information has not been more widely covered by the financial press or the government advisers remains to be seen but it could prove priceless for many. It will be interesting to see if the vast arrange of Independent Financial Advisers out there actually look to take this news on board. As more and more pensioners struggle in later life the £1,000 a year income could prove vital.
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