SMART MONEY MOVES Boost your pen­sion

3 ways to boost your PEN­SION FUND

Good Housekeeping (UK) - - News -

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

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