Wednesday, 22 June 2016

Pension warning

The government is to write to more than 100,000 people who are set to receive no state retirement pension because they haven't made enough National Insurance contributions.

A new rule imposed in April laid down that people needed at least 10 years of contributions in order to start qualifying.

MPs on the Work and Pensions Select Committee had complained that many would have been unaware of the change.

The Department for Work and Pensions has decided to write to those most at risk "as a one-off exercise" before the end of the year.

It will target individuals within 9 years of state pension age whose records suggest they will have fewer than 10 qualifying years of contributions by the time they retire.

The 10 year rule was introduced alongside the New Station Pension, paid at a flat rate of £155.65 to those with a full 35 years of contributions.

No comments:

Post a Comment