Mantle’s consultants and para-planners were very fortunate to be afforded an hour long meeting with former Pension Minister Sir Steve Webb on Wednesday.
Sir Steve provided a very interesting insight into the Government workings on pensions, including some of the difficulties he faced when Pensions Minister on Auto-Enrolment and Pension Freedom legislation.
In addition, Sir Steve outlined 2 areas of the State Pension which could be useful for clients.
The first is if you have ‘gaps’ in your State Pension. https://www.gov.uk/voluntary-national-insurance-contributions
If you apply after 5th April 2019 the rates will be higher. To see how much you could pay you would need to obtain a personalised State Pension forecast (‘BR19’) – https://www.gov.uk/check-state-pension
The second is about losing National Insurance (NI) credits if you waive the right to receive Child Benefit because you or your partner are deemed ‘high earners’. https://www.gov.uk/child-benefit-tax-charge
Sir Steve has created a petition to the Government to extend the current 3 month timescale for claiming back-dated NI credits. If you’d like to sign this, please click on the following link: https://petition.parliament.uk/petitions/231761
If you’d like to discuss any of the above for your own personal circumstances, please contact your Mantle Financial Planning consultant.