Women could buy a pension worth £30,656 for only £421

Steve Weisner - Independent Financial Adviser Radcliffe & Newlands

Women with under 10 qualifying years of national insurance are entitled to no Basic State Pension (BSP), but as soon as they reach 10 qualifying years they are entitled to 26 per cent of the full basic state pension. If a woman only has 9 qualifying years, the cost of buying Class 3 NI contributions to get an extra year and qualify for 26 per cent of the full pension is currently only £421.20.

This year, the full BSP is £90.70 a week, meaning that 10 qualifying years would be needed to get a pension of £23.58 a week. But, according to figures from Standard Life, if they were to buy an index-linked pension on the open market to draw the same amount per week, it would cost £30,656.

Even if you already have 10 qualifying years, it could still be worthwhile to buy extra years. The price is set to rise by around 50% in April so talk to your adviser straight away to see if it’s suitable for your circumstances.

Give Steve a call and find out how he can help you with your Pensions.

Steve Weisner
Independent Financial Adviser
Radcliffe & Newlands
5th Floor Crystal Gate
28-30 Worship Street
London
EC2A 2AH  

Tel: 020 7382 0437
Fax: 0207 374 0462
Email: SWeisner@myeggnest.com
www.rad-new.com

If you have a question or if you would like to discuss becoming a client with Radcliffe & Newlands then do please complete the very short form on the right hand column of this page.

You will usually get an answer within 24 hours except during the weekend or bank holidays.

Other Investment Articles

Women could buy a pension worth £30,656 for only £421

Use your capital gains tax allowance

There’s a revolution coming to financial advice: the Retail Distribution Review

How do you replace lost savings income

ISA - Use it or Lose it

Are pensions worthwhile?

I want to build a portfolio where do I start?

Introducing Investment Bonds

Is a SIPP for me?

Little and often for a big reward

The Rise and Fall of the equity market

Bookmark this page

What is Social bookmarking? Social bookmarking allows users to save and categorise a personal collection of bookmarks and share them with others. This is different to using your own browser bookmarks which are available using the menus within your web browser. Click on the "Bookmark" link above to share this article on the social bookmarking site of your choice. Read more about social bookmarking at Wikipedia - Social Bookmarking

back to top