Fewer than 4,000 people have taken advantage of the government's state pension top-up scheme despite being able to significantly boost their retirement income through the offer, figures show.
Old Mutual Wealth said 3,848 people have taken advantage of the scheme in its first six months of operation but the take-up rate fell short of government expectations. The scheme gives people the chance to make Class 3A voluntary National Insurance contributions to boost their state pension entitlement. It started in October last year and ends in April 2017. Old Mutual got the information through a Freedom of Information request made to the Department for Work and Pensions. It said low take-up rates pointed to a lack of public understanding. Pension technical expert Jon Greer (pict...
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