From the start of the next financial year (6 April 2016) the state pension will transform into a flat rate structure.
This is a significant change, affecting everyone who reaches state pension age on or after the said date. The new rules require at least 10 years of full contributions for any of the flat state pension to be paid, and 35 years for entitlement to the full amount (at the moment 30 years of contributions are needed).
If you are aged 55 and over it’s definitely a good idea to confirm your current entitlement by requesting a state pension statement.
For business owners, it’s vital to make sure you are taking the right level of salary to ensure your National Insurance contributions are correct. Planning ahead here is key! You can also boost your entitlement if you need to. For advice, or to ensure you won’t be caught out do get in touch.