£824. However it adds an extra (upto) £275pa which means as long as you live at least 3 years of receiving the increased income, you’d be in a profit. You could look at life expectancy projections to see if you think it’s going to be worth it but it has to be a personal decision and take your own health and future plans into account. You also must be aware that not everyone would get this full benefit, if you are a higher rate taxpayer there will be tax on the additional income elsewhere from the state pension using more of your personal allowance and low earners might be better with pension credit. Make sure you do your research for your own circumstances before making a decision. This is an overview of the changes that are coming but you need to make sure to speak to the Pension services available to get an accurate picture for you personally. If you are not at state pension age, call the Future Pension Centre – 0800 731 0175 If you are already at state pension age, call the Pension Service – 0800 731 0469. If you have decided to buy extra years, which you can do in one go or over time then you will need an 18 digit reference number from HMRC which you can get over the phone. You then need to pay through your bank to HMRC or by cheque. This process can take a few weeks so don’t leave it until the last minute to action. Also, please note is that if you are already receiving a state pension, they will only increase the payments from the date you made the payment not the date you started receiving the state pension. This is an overview to give you the information necessary to help you make the right decision for your circumstances. We cannot advise you on state pension matters and you need to speak to the relevant departments but for any other financial planning needs that we do advise on (https://kbafinancial.com/who-we-work-with/), please do get in touch. Sarah Hogan Chartered Financial Planner Company Director 01942 889883