Flat-rate state pension top-up scheme to raise £850m

People reaching 65 before the flat-rate state pension takes effect on 6 April 2016 will be able to buy credits "at an actuarially fair" price, boosting their payments by a maximum £25 a week, HM Treasury's Budget 2014 document confirmed. The scheme will run for 18 months from October 2015. HM Treasury's predicts it will bring £415m into the exchequer in 2015/2016, with a further £435m expected in 2016/2017. The new NIC 3A category was announced alongside the reformed state pension, targeting people with gaps in their additional state pension record, such as self-employed workers or wo...