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
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