Local accountants and tax advisers, Trueman Brown, warn housewives that they could miss out on the new state pension.
While most press coverage has concentrated on the European Union Constitution, there were some articles in the Press concerning the new State Pension.
The Daily Mail run an article entitled “Housewives told they will miss out on State Pension”
Why will anyone miss out?
The new single- tier state pension has been introduced for UK citizens who reached their state pension age on or after 6th April 2016.
People who reached the state pension age prior to 6th April 2016 will continue to receive their pension calculated under the old rules.
Housewives and other individuals who have not worked the requisite amount of time to accumulate the 10 qualifying years of NIC may miss out.
So what happens next?
The government is going to write to individuals who have not accumulated the correct number of qualifying years of NIC.
In particular, individuals who are less than 9 years from their state pension age and who do not presently qualify for the new state pension will receive a letter.
Although individuals could wait for the letter, we recommend that you act now. In fact, we would recommend that all individuals ask for a statement!
Prior to the implementation of RTI, we know that some contribution records were set against the wrong National Insurance number thanks to errors committed by employers.
If there are errors, individuals should set about repairing their NIC history as soon as possible.
Individuals can obtain a statement about their entitlement to the new state pension by using the government gateway.
Local accountants and tax advisers, Trueman Brown, deliver vital services to small business. Contact us if you require assistance.