State pensions countdown begins, says Friends Provident
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Workers have been reminded of the April 6th deadline to top up state pensions at a lower price.
Friends Provident has warned workers that they only have 30 days to top up their state pension before government changes take effect.The company said that there is now just a month left for people to buy missing National Insurance (NI) contributions before the state increases the cost of doing so by almost half.
From April 6th, the cost of topping up your state pension will increase by 49 per cent and from 2010 there will also be a change in the way that a basic state pension is calculated.
Martin Palmer, head of corporate pensions marketing at Friends Provident, said that the near-500,000 women who took time off work to raise a family in the 1970s, or those who spent time working overseas, could be affected by this hike.
He advises those who do not think that they have accrued enough NI contributions to qualify for a full state pension upon retirement to "think about acting now to avoid increased expense, disappointment or hardship in the future".
According to the BestInvest, two-thirds of your annual salary will provide for the same standard of living during retirement.
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