Five ways to maximise your current State Pension payments before end of this month
05.12.2023 - 14:57
/ dailyrecord.co.uk
The latest figures from the Department for Work and Pensions (DWP) show there are now 12.6 million people across Great Britain receiving State Pension payments, including 1.1 million living abroad and 992,052 in Scotland. Of that overall total, some 9.7 million people are receiving Basic State Pension payments of up to £156.20 each week, while 2.9 million are on - or due to claim - the New State Pension, which is worth up to £203.85 each week.
However, pensions expert Helen Morrissey warns that not everyone reaching 66 in this financial year and making a claim will receive the maximum amount, especially women. The head of retirement analysis at Hargreaves Lansdown explained: “Women in particular can have gaps in their National Insurance record that mean they aren’t currently entitled to a full pension.”
The current age of retirement is 66 for men and women across Great Britain and is set to rise to 67 between 2026 and 2028. The UK Government recently announced that it will review the rise to 68 two years after the next general election, which is due to take place next year.
But there are several things everyone can check now to ensure they maximise State Pension payments - even if they have already reached retirement age. Checking now and taking action also means that you could be starting 2024 on the best financial footing.
Ms Morrissey explained: “There are things you can do to plug the gaps, including checking to see if you were entitled to claim a benefit (such as Child Benefit) which comes with a National Insurance credit during that time, and seeing if you can backdate a claim.
“You can also buy voluntary National Insurance credits, which can work out very good value. Generally, you can purchase credits to plug gaps
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