State pension top-up scheme launched

One-off lump sum payment to government

Jenna Towler
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The government has launched a top-up scheme allowing people to buy extra state pension benefits.

The scheme is open to anyone reaching state pension age before 6 April 2016. The government said it would help them protect their "long-term financial security". Men aged 65 or more and women aged 63 or more can increase their pension by up to £25 a week, the department for work and pensions said. The scheme will be open for 18 months from 12 October to 5 April. People ‘buy' this additional guaranteed income from the government by making a one-off lump sum payment. The actual cost varies depending on the individual's age. The government said contribution rates decrease with age, so...

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