Basic pension rules change
Currently, to receive a full state pension a man needs to have worked for 44 years and a woman for 39. However, following the recent change, if you retire after 6th April 2010, then this has been reduced to 30 years for both men and women.
Under the present rules it is possible to buy back lost years by making additional Class 3 National Insurance contributions. The payments have to be made within six years of the end of the missed year.
Now, following an amendment to the Pensions Bill, people will be able to purchase up to another six years over and above the existing limits. All in all, this is very good news.
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