State Pension increase: Eight ways to boost your State Pension
State Pension payments worth billions of pounds are being sacrificed simply because people don’t know they’re entitled to claim them. For every year you work and pay National Insurance, workers build up an entitlement towards their State Pension, worth an estimated £260 a year. If there are any gaps in the National Insurance record, pension claimants can rectify them by paying voluntary contributions for any of the past six years.
But there are also eight ways in which you can earn State Pension while you’re not working – most of which are often overlooked.
Former Pensions Minister Steve Webb says there should be very few cases when people of working age are not earning credits toward their State Pension.
Mr Webb said: “You can go online and see your National Insurance record.
“Where there are gaps, you should ask why. Virtually everyone should be covered by one of the entitlements.”
READ MORE: State pension payments to increase for married women – full details
Eight ways to boost your State Pension
The first way to boost your pension pot is if you took time out of work to look after a child under 12-years-old, as you are entitled to pension credits.
But you won’t necessarily receive the credits automatically, and thousands of parents miss out every year due to a failure to apply.
The second way to boost your State Pension applies to people who drop a grandchild off at school or provide childcare over the phone or online due to Covid restrictions.
To be eligible, grandparents must not be working, be under State Pension age and looking after a child under the age of 12.
The credits should be automatic, but if your earnings are below the limit for paying National Insurance contributions, you’ll need to apply to HMRC.
Another way to boost your retirement money is if you’re in receipt of Statutory Sick Pay, through which your credits should accrue automatically.
However, if the amount you get is below the lower earnings limit for National Insurance, you’ll need to apply to HMRC for credits.
If you’re out of work but looking for employment, you should receive pension credits.
Again, if you don’t qualify for Jobseekers’ Allowance (JSA), employment support allowance or Universal Credit, you may have to apply.
The seventh way claimants can bump up their retirement money is if they have had a spouse who works or has worked in the Armed Services and has been or is posted overseas.
You can claim for any period dating back as far as April 6, 1975.
And finally, if you attend court for jury services and couldn’t go to work as a result, you can claim pension credits for that period of time.
You can also claim if you were imprisoned but were acquitted or your offence was later quashed.
Stay connected with us on social media platform for instant update click here to join our ????️????️ Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.
