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Voluntary National Insurance Contributions

The Government intends to introduce a new Voluntary National Insurance contribution in October 2015 – Class 3A – that will allow people to top up their State Pension.

The scheme will be open for only a limited period.

The proposal is intended:

  • To give people the opportunity to increase their State Pension in retirement;
  • To give pensioners an opportunity to top up their pensions in a way that will protect them from inflation; and
  • To give people with small amounts of pension saving a secure way of achieving an income.

There will be two entitlement conditions that need to be met – contributors must be entitled to a UK State Pension and must reach State Pension age before 6 April 2016.

 

 

Date: 28th January, 2014
Author: Cathy Corns

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