Retired couple may have to sell home of 40 years due to a pension rule they didn't know about
He told the"It seems a terrible pensions injustice."Up until April 1992, Class two and three NI contributions were made by buying special stamps from the Post Office.IF you are only putting in the minimum amount for your workplace pension then you are not saving enough for a comfortable pension..
Which? reckons that you need to be saving £131 into your pension a month from age 20 to be able to have a comfortable pension.If you start savings at age 50 you need to be saving a staggering £633 a month to be able to have a £26,000 a year income when you retire.You will also receive a state pension depending on how much national insurance you have paid over your working life; the maximum amount you can receive is £164.35 a week.
Barry sent the stamps into HMRC a few years ago only to be told that they count for nothing without the card."Being very young and naive about tax and national insurance, I decided to pay an accountant to do this for me.After discovering that the stamps were useless, Barry, who says he has always paid his taxes, applied for pension credit.PENSION credit is a means-tested benefit that helps those on lower incomes by giving them extra money throughout retirement.
You may also get additional pension credit if you are disabled, have caring responsibilities or have to pay certain housing costs such as mortgage interest payments.
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