Am I getting the state pension I’m entitled to?
Q
I READ an article last week about women not getting the full state pension they were entitled to. How can I find out if I’m owed more?
A
THIS was regarding some women being underpaid their state pension as they are entitled to an uplift from their husband’s National Insurance contributions.
You can check the calculator on pension firm LCP’s website at lcp.uk.com/ underpaid to find out if you are falling short.
If you find you are not being paid the full amount you are entitled to, or if you have any concerns about your state pension, contact the Pension Service on 0800 731 0469.
Q
MY SPOUSE died a few months ago and I’m struggling to make ends meet. A friend said I may be entitled to pension credit but how do I find out?
A
SORRY to hear about your loss. Pension credit is an income-related benefit, offering a top-up. It is not an automatic benefit and needs to be claimed. There are two types – Guarantee Credit and Savings Credit. Guarantee tops up weekly incomes below £173.75, while Savings Credit is an extra payment for people who have saved and have a minimum income of £150.47 a week.
You can only get pension credit backdated three months so it’s best to find out if you are entitled as soon as possible by calling the Pension Credit claim line on 0800 99 1234. You will need your National Insurance number, information about your income, savings and investments and your bank account details. Good luck.
Q
I’M IN my late 50s and have just lost my job. It’ll be difficult to get a new one at my age so I have decided to pack up.
I want to access a pension to clear a bit of debt and give me some extra cash.
I’ve been told I can’t take it as a lump sum. Why?
A
NOT all pensions allow flexible access to your money. It all depends on the type of plan you have.
You may be able to transfer your funds into another plan that does allow lump sum withdrawal. But remember only the first 25% is tax free and you will pay tax on the rest.
It may be worth speaking to an independent financial adviser to ensure you don’t lose any guaranteed amounts or pay too much tax.
Q
I’M ABOUT to go on maternity leave and want to keep up my pension contributions. Can I?
A
IN ANY period of paid maternity leave you will continue to pay into your pot and your employer will keep paying in too.
So it’s important to remain a member of your workplace scheme.