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    • clem8is
    • By clem8is 29th Mar 17, 2:53 PM
    • 5Posts
    • 1Thanks
    State Pension Boost
    • #1
    • 29th Mar 17, 2:53 PM
    State Pension Boost 29th Mar 17 at 2:53 PM
    According to the calculator I would have to pay in £22250 to boost my pension by £25 Per Week. That means it would take over 17 years to recoup that money (forgetting about inflation etc & the additional tax I'd have to pay on my private pension) & take me to the age of 82. That doesn't seem to be a very good deal to me. Surely I'd be better off just keeping the money & taking the £25pw out of that, also I'd get at the moment about 1% interest rate min & compounded that would seem to be a better deal? Or Have I got the wrong end of the stick? There also is no mention of a tax allowance on the lump sum so that seems to make it even worse
Page 1
    • greenglide
    • By greenglide 29th Mar 17, 4:06 PM
    • 2,920 Posts
    • 1,894 Thanks
    • #2
    • 29th Mar 17, 4:06 PM
    • #2
    • 29th Mar 17, 4:06 PM
    The best deal is to defer your State Pension (you can do this once even if you are already in receipt) and get around 10.4% increase for each year.

    Over twice the value of the top-up, also index linked.

    The top-up isnt a bad deal (where else would you get 5% index linked) but deferral is so much better.
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