Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • clem8is
    • By clem8is 29th Mar 17, 2:53 PM
    • 5Posts
    • 1Thanks
    clem8is
    State Pension Boost
    • #1
    • 29th Mar 17, 2:53 PM
    State Pension Boost 29th Mar 17 at 2:53 PM
    Hello
    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
    greenglide
    • #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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,250Posts Today

5,679Users online

Martin's Twitter