The government is running a new scheme whereby older people, aged over 65 can buy extra state pension.
Predictions were that over 260,000 people would take the opportunity to boost their pension pot but surprisingly figures show that fewer than 4,000 signed up in the first six months. Old Mutual Wealth experts says the rates on offer are “attractive”.
Jon Greer, pensions expert says; "relatively few people seem to be aware of this option, perhaps because of the “confusing” Class 3A label, or because pensioner bonds and the “pension freedom” reforms grabbed all the headlines last year."
Read on to find out how the scheme works, whether it would benefit you, and things to look out for.