Boost in pensions for older women

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Financial Services > Pensions > Annuities >

Boost in pensions for older women

Mon, 08 Oct 2007

According to a recent report, over half a million women in their 60s could be offered a payout from the state pension . To be eligible for the payment, the customer must have not paid enough National Insurance Contributions at work to receive a state pension . Fresh figures from the government reveal that these women can make a single payment to receive a pension .

The figures were revealed by the Liberal Democrat MP Steve Webb. In a Money Box interview on Radio 4, Webb reportedly commented: "The typical scenario is: a woman who left school, paid a few years national insurance contributions, got married, spent time at home with children and did not quite have the 10 year's contributions to get any pension at all."

Women with gaps in their record can pay their contributions now, and have their pensions backdated to their 60th birthday. To reach the threshold, these women would in theory have to pay gap costs up to £400. Webb reportedly commented: "The government just says 'you owe us a few hundred, we owe you a few thousand - here is a cheque for the difference' I call it buried treasure with their name on it, just waiting to be claimed ."

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