How Pension Top-ups would Work

FUTURE PROOF: Already drawing a pension or retiring before April 2016? You could use savings to top up your state pension by up to £25 a week

Emma Wall 29 January, 2014 | 4:55PM
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Pensioners and those approaching retirement will soon be able to top up their state pension and receive an extra £25 a week income. The offer will apply to all existing pensioners and those retiring before April 2016 in order to bring their state pension in line with those that will receive the new flat rate pension due to be introduced that month.

The flat rate pension is designed to simplify payments and ensure women are not penalised for taking time out of their careers to raise children. It will equate to £144 using the current value of sterling.

Before the flat rate pension is introduced the Pensions Minister Steve Webb has said older people may want use any savings they have put aside to increase their state pension. 

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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