State pension: Five key ways you could boost your sum – Britons may get hundreds more | Personal Finance | Finance
State pension payments are considered a key source of retirement income by millions. As such, many will be hoping to unlock the full state pension sum for their retirement.
The new state pension currently offers £179.60 per week to those who are retiring.
It will increase by 3.1 percent from next month onwards, in a welcome boost for pensioners.
However, it is asserted over two million older people are receiving less than £100 per week.
To avoid falling short of the full sum for retirement, it may be necessary for Britons to take action.
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This was an action recently recommended by Sir Steve Webb, partner at LCP and former pensions minister.
He highlighted a decline in families claiming child benefit, as well as a lack of awareness regarding the vital credits it can provide.
Even when a person’s earnings puts them over the threshold for a tax-free payment, they could claim the credits and forego the payment itself.
In a similar sense, and somewhat tied to Child Benefit is the Specified Adult Childcare Credit.
Family members looking after a child under the age of 12 while their parent is at work could qualify for NI credits.
It involves the working parent transferring the credits they receive from Child Benefit to the family member concerned.
Finally, while separate from the state pension, some individuals may also be eligible for Pension Credit – designed to help low income older people.
The payment tops up weekly income to £177.10 for singletons, and £270.30 in joint income for those with a partner.
It is also described as a “gateway benefit” as it can unlock other help such as a free TV licence for over 75s and potential council tax reductions.
