Property News · November 12, 2016

Refusing child benefit payments could see new mums take a state pension hit


A failure to make an initial claim may see them lose £5,000Tens of thousands of new mothers could each end up losing almost £5,000 of state pension when they are older due to an unintended quirk in the rules surrounding child benefit, according to a former government minister.Steve Webb, ex-pensions minister, said the women, currently totalling around 50,000 but with the number rising every year, may have lost out on more than half a billion pounds in state pension rights over the past three years as a result of a wider clampdown on entitlement to child benefit. Webb makes the claim in a new report published by mutual insurer Royal London, which concludes that urgent action needs to be taken to deal with this problem “before a whole generation of women reach pension age with incomplete pension records”. Continue reading…

Source : theguardian.com
Read more…Refusing child benefit payments could see new mums take a state pension hit

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