News Archive - February 2017
State pension top-up
It is currently possible for some pensioners to buy additional state pension income for the rest of their lives in exchange for a lump sum. This must be applied for before 5 April 2017.
In order to qualify for this you must have been born before 6/4/1951 for men or 6/4/1953 for women, and have a state pension age that was prior to 6/4/2016.
You can buy up to an extra £25 per week of state pension income. The cost of this depends on your age. State pension income is taxable.
More details are at the website www.gov.uk/statepensiontopup.There is an online calculator showing you how much it would cost for you.
Everybody's circumstances are different. I guess this would be more appealing for married couples, in good health, who are non-taxpayers or basic rate taxpayers and have spare capital that they don't mind exchanging for an income for life. For single people, those in poor health, higher rate taxpayers or those with limited accessible capital the deal is less attractive.
Contact Mulberry Financial if you need help with a financial decision.
The material here is for general information only and is not intended to be relied upon for individual investment decisions. Appropriate independent advice should be obtained before making any such decisions. Mulberry Financial Ltd does not accept any liability for any loss suffered by any user as a result of any such decision.
The information is based on our understanding of current HMRC rules and practices (as at the news article date) which are always subject to change. Taxation and trust advice and Cash ISAs are not regulated by the Financial Conduct Authority. This site is aimed at UK residents only.
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