November 16, 2016 | 5years | Retirement Planning News
Watch out for these State Pension blunders which could cost you thousands of pounds.
The basic and new State Pensions can be a minefield, make sure you don’t make any of these costly mistakes.
Not claiming Child Benefit
An unintended quirk with the new Child Benefit rules means tens of thousands of new mothers could end up losing out on their State Pension.
The introduction of Child Benefit means testing in January 2013 has led to an increase of mothers in higher-income households opting out of claiming to avoid a tax charge.
The problem is those that choose not to claim Child Benefit and don’t correctly fill out a form to opt out of the scheme miss out on National Insurance credits, which new mothers need for the time they take out of work to fill the gaps in their record.
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