Pensions Act 'to allow more National Insurance top-ups'
Around 500,000 Britons could benefit from new amendations to the upcoming Pensions Act.The rules over National Insurance contributions are to be relaxed, with people now allowed to top up shortfalls with one-off lump sum payments.Effectively, this will mean that many women, who took years off work to bring up children, will now be able to take out the full basic state pension.The change applies to all contributors retiring between now and 2015.At the moment, it is estimated that just one in three women currently retire on the full pension, the Press Association reports.Work and pensions secretary, James Purnell, commented: "The Pensions Act will transform pension provision and finally bring equality for women and carers so that by 2010 around 75 per cent of women reaching state pension age will be entitled to a full basic state pension, rising to 90 per cent by 2025 compared to around 35 per cent today."The Pensions Bill is currently working its way through Parliament.
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