 | BBC Radio 4's Money Box Wednesday, 2 March 2011 at 1502 GMT On Radio 4 and Online |
The age at which people are able to access their state pension is changing. In October's Spending Review it was announced that the equalisation of state pension age at 65 will be brought forward to November 2018. The pension age for men and women will then increase to 66 by April 2020. The Treasury hope this will save around £30bn through a reduction in spending on state pensions and pensioner benefits by 2025. It was also announced that the maximum savings credit award in pension credit will be frozen for four years. If you want to find out what these changes mean to you, why not ask our experts for advice? When will you receive your state pension? What will the value of your state pension be? How many years National Insurance Contributions (NICs) do you need to build up? Should you boost your contributions by buying extra years? Can you use contributions from your spouse or civil partner? Will increased pension income affect your pension credit or other benefits? If you defer your state pension how much more will it be worth? Who is entitled to pension credit? Paul was joined by: • Malcolm McLean, pensions consultant,Barnett Waddingham • Mervyn Kohler, Special Advisor, Age UK Presenter: Paul Lewis
Producers: Diane Richardson
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