SMART MONEY MOVES Boost your pension
3 ways to boost your PENSION FUND
Worried your state pension will be lower than expected when you retire?
Visit gov.uk/check-state-pension to see what it’s worth and top it up.
❖ See whether you’re owed credits Find out how many National Insurance (NI) contributions you have with a state pension statement from the same website. You may
NI credits if you took a break, so make sure you claim them, as they will affect how much you get.
❖ Top up contributions If there were years where you didn' work and pay NI, you may be able to make voluntary contributions. You can make payments to fill gaps from the past six years unless you’re a man born after 5 April 1951 or a woman born after 5 April 1953, in which case you have until 5 April 2023 to make up for gaps between April 2006 and April 2016. Request a record at gov.uk/ national-insurance-contributions. ❖ Work for longer Defer your state pension and you’ll get a 5.8% increase in pension income each year for as long as you like. Once you do decide to take it, you’ll have to pay tax if your income exceeds your personal allowance (£11,500 in 2017). Your state pension income will be taken into account and may affect the rate at which you are taxed.
Relax knowing your finances are sorted