Dear Sir,
Most of my working life has been for foreign companies outside the UK so my basic British pension was going to be correspondingly small. I topped mine up voluntarily each year to achieve today’s basic rate. It was my best investment ever – property, shares, fine wine whatever. For an annual payment of £350 my pension increased to £115/week. By the time I hit 68 (67.6 to be accurate), I moved into profit so now at 74 I’ve had over six years of this windfall. Any readers with a similar working history and not yet retired should definitely check this route out. When I heard of a new top-up scheme I was obviously very interested. As of April 2016 the Government is introducing a £25/week increase which for people at 65 needs them to invest some £22,000. This is profitable after 17.6 years, i.e. if they live past 83. I went online and for me the corresponding figures are £17,000 and 13.3 years, so I have to hang on to 88. As my “internet” life expectancy is 89, I’m not going ahead this time. Again any readers now retired should check this route out, although I doubt its value.
Mike Lillico
Playa de Palma
Letters to the Editor
15/10/2015 00:00
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