News
State Pension inheritance rule can boost payments by more than £5,000 – see if you qualify
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
EFCC evicts Malami from Abuja home amid forfeiture dispute
Former Attorney-General Abubakar Malami says Economic and Financial Crimes Commission operatives forcefully evicted him and his family from their Abuja residence despite ongoing court proceedings over the property’s forfeiture.
He described the action as unlawful and vowed to challenge it in court.
Business
Fuel price hike: Gov Makinde announces N10,000 transport support for workers
The governor of Oyo state, Seyi Makinde, has approved a N10,000 transportation allowance as a palliative for the state workforce to cushion the effects of the increase in the pump price of Premium Motor Spirit, otherwise known as petrol.
The Chairman of the Nigeria Labour Congress (NLC), Oyo State chapter, Kayode Martins, in a statement released on Monday, March 23, disclosed that the governor has granted the request of the union on the issue of transportation allowance.
The statement read
“Following the intervention and formal request made by the State Council of the Nigeria Labour Congress (NLC) earlier this morning, the state government has approved a N10,000 transportation allowance for all workers in the state.
The newly approved allowance is set to take effect from April 2026, providing much-needed relief to workers grappling with rising transportation costs amid current economic challenges.
This development comes as a direct response to sustained advocacy by the state NLC, aimed at cushioning the impact of increased living expenses on the workforce.
Further details on implementation are expected to be communicated by the relevant government authorities in due course.”
News
Former Acting Accountant-General of the Federation bags 72years imprisonment for diverting N868.46 million security funds
Justice James Omotosho of the Federal High Court in Abuja, on Monday, March 23, convicted and sentenced Chukwunyere Nwabuoku, former acting Accountant-General of the Federation (AGoF), to a 72-year jail term without an option of fine.
DailyTrust reports that in the judgment delivered, Justice Omotosho held that the Economic and Financial Crimes Commission (EFCC) had been able to prove the nine-count money laundering charge beyond reasonable doubt.
According to the judge, the defendant is hereby convicted as charged.
Justice Omotosho convicted Nwabuoku in all the nine counts and sentenced him to eight years imprisonment in each of the counts, making 72 years.
The judge, however, ordered that the counts shall run concurrently.
Justice Omotosho, who described Nwabuoku’s act of diverting funds meant for security and defence while he served as Director of Finance and Account in the Ministry of Defence as “appalling,” commended the EFCC for being detailed in its prosecution.
The judge observed that the evidence of the 9th prosecution witness that Nwabuoku voluntarily refunded part of the siphoned money of over N200 million during investigation was not controverted by the defence.
Nwabuoku served as the Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021. He became acting Accountant General of the Federation in May 2022.
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