Connect with us

News

State Pension inheritance rule can boost payments by more than £5,000 – see if you qualify

Published

on

Pensioners could see significant payment boosts (Image: Getty Images

The additional State Pension was a top-up to the basic State Pension and was replaced by the State Second Pension in 2002

Over half a million people are boosting their State Pension by more than £5,000 annually through inheritance, according to data obtained by a pension provider. A Freedom of Information (FOI) request by pensions mutual Royal London revealed that in the tax year 2023/24, over two million pensioners (approximately 2,027,440) received a payment from an inherited state earnings-related pension scheme (Serps).

This was part of the old State Pension system, which allowed individuals to accumulate entitlement to additional State Pension income. The figures indicate that around 541,760 pensioners were receiving more than £5,000 annually in inherited Serps payments, including 17,460 who received over £10,000.

If a person’s spouse or civil partner passes away, they may be eligible to inherit part of their additional State Pension. This will be paid on top of the surviving spouse’s State Pension when they reach the official retirement age, currently 66.

Surviving spouses and civil partners can potentially inherit up to an annual maximum of approximately £11,356.28 (£218.39 per week) for the 2024/25 tax year. For the 2023/24 tax year, the weekly maximum amount of inherited Serps was slightly lower, at £204.68.

The Department for Work and Pensions (DWP) released this data, which was taken from its quarterly statistical inquiry. According to the figures obtained by Royal London, the average annual inherited Serps payment for 2023/24 was £3,377, reports the Daily Record.

Thanks to the inherited pension boost, some lucky individuals are raking in over £20,000 a year from an enhanced State Pension. The simpler ‘New State Pension‘ was rolled out in April 2016.

Royal London’s consumer finance specialist, Sarah Pennells, remarked: “This data shows how much of a difference inheriting a Serps pension from your husband, wife or civil partner can make. The worry is that, while more than two million people are claiming inherited Serps, others could be missing out.

“Understanding the rules is key to boosting your retirement income.”

Pennells further noted: “As we continue to adapt to the new system introduced in 2016, which focuses on individual entitlements, understanding the legacy of Serps and its relevance for thousands of retirees remains crucial.”

For those unsure about their rights to an inherited Serps pension, Royal London advises getting in touch with the Pension Service to find out exactly what you’re due – detailed guidance can be found on GOV.UK here.

News

‘There’re good men’ – Chimamanda Ngozi Adichie speaks on choosing right spouse

Published

on

Renowned Nigerian novelist Chimamanda Ngozi Adichie has shared insights with young women on the importance of choosing the right life partners.

Speaking at a recent event titled Dream Count, Adichie emphasised that the choice of a partner significantly influences the trajectory of one’s life. She urged women to exercise caution when selecting a life partner, stressing that settling for the wrong person can have long-term consequences.

The author further underscored the importance of self-fulfilment in women, encouraging them to pursue their passions and interests.

She said, “It’s so important for a woman to have her own, a sense of self fulfilment, it doesn’t matter what it is. It is really important who you choose, sometimes as a young woman you can tell that the person you are with is not a good person, but you are desperate to get married. Do not settle, be careful who you choose, the person you choose as a life partner will make a huge difference in your life. If you choose someone who is kind and supportive, it will make all the difference, there are good men out there.”

The writer’s words sparked a range of reactions from young women, who shared their experiences and perspectives.

Here are some of the responses:

@alhaja_wendy said, “Well said, who you choose to marry will affect your destiny either positively or negatively.”

@her_majesteeze reacted, “She spoke facts, who you choose to marry will affect your destiny.”

@dr_pinesol wrote, “I am grateful to my partner, God’s gift to me, Peace of mind and his kindness wan wound me.”

@olajumokebabes commented, “Feminine and powerful.”

@thefoodnetworknig2 said, “Your father sponsored your education to master level in good schools, but then you decide to choose someone who would not let you do something tangible with your life and also not taking good care of you, you have not only failed yourself you have also failed your father.”

Continue Reading

News

Otti seeks increased federal allocation for Abia

Published

on

Abia State Governor, Alex Otti has asked the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, to increase revenue allocations due to Abia State, saying that it would enable the State to develop rapidly.

Otti made the call on Sunday at his office, when he received a delegation from the Federal Commissioner representing Abia State at the RMAFC, Mrs. Nkechi Otti.

The Abia Governor, who pointed that an increased revenue from Federal allocations would help the State to execute many of its projects, said that his administration had demonstrated financial discipline according to a recent report from the Debt Management Office, DMO.

“Anything you can do to help us increase our Federal allocation will be very much appreciated.

“Once again, thank you for the report. I will take my time and read through it.

“We have a lot of things on our hands. If we get more money to be able to execute them, why not? Particularly, we have also shown financial discipline,” he said.

Speaking earlier, Mrs Otti said that she was in the State for a familiarisation visit, having been appointed into office a few months ago.

Continue Reading

News

Bad road fuelling bandit attacks in Zamfara — Sheikh Jangebe

Published

on

Islamic scholar, Sheikh Mohammed Tukur Sani Jangebe, has appealed to the Federal Government to urgently rehabilitate the Maru–Mayanchi–Maradun road in Zamfara State, warning that its deteriorated condition is contributing to the rise in cases of banditry.

Speaking to journalists in Gusau, Sheikh Jangebe said the road, plagued by over 100 potholes, slows down traffic and exposes commuters to attacks and abductions by armed groups.

He noted that although the road is part of a federal dualisation project, work has yet to reach the affected stretch, despite its daily use for trade and transportation.

“I appeal to the Federal Government, through the Ministry of Works, to carry out emergency repairs on the road to ease the hardship faced by travellers,” he said.

The scholar added that the situation has worsened during the rainy season, further damaging the road and increasing the risks to road users.

He also urged the governors of Zamfara, Kaduna, Katsina, and Sokoto States to work together in rehabilitating critical sections of the road while awaiting the full execution of the federal project.

Continue Reading

Trending