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Apply now to get an estimate of your new state pension

All people aged over 55 can now apply to the Pensions Service to get a estimate of what their new state pension will be once the new regulations are introduced.

Some people aged 60 are getting a nice surprise as the estimated weekly payment is much higher than they expected it to be.

The statements will show an individual’s current National Insurance record and explain how they can boost state pensions with further contributions or credits or by retiring later.

They will be crucial to helping workers to plan the mix of state and private pension provision they will need, More than 76,000 statements have already been issued to those in the older age group since the scheme was first launched in September last year.

It was introduced in time to help inform decisions about new private pension freedoms being introduced from this April which will allow workers to cash in their pension pots.

The widening of the statements scheme was announced yesterday by Pensions Minister Steve Webb.

Mr Webb said: “People should be given the freedom to make their own financial decisions – but it’s crucial everyone has all the information to help them to make the right choices.

Now we have expanded the statement service, there is no reason why anyone who wants to exercise their new pension freedoms on Day One shouldn’t be able to. “But many people will want to take their time, both to consider fully all the options and to see what new financial products come on the market.”

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