Have you ever worked in the UK? If so you would have paid National Insurance Contributions and got credits towards getting a State pension. Having left the UK, there is a tendency to forget all about the State Pension until the time comes to claim it. Did you know that?

1. The basis of payment was replaced by a new Single Tier Pension in April 2016.

2. Retirement ages have been equalised at 65 for men and women but are soon to change again. If you were born after 6/10/54, your retirement age is now 66!

3. To be eligible for the maximum pension (currently £164.35pw) you will need to make 35 years contributions. Previously it was 30.

The choice is simple:

Leave everything as it is. Will this get you anywhere close to giving you the retirement you dream of?  Consider making extra contributions in order to boost your benefits

If you have paid contributions in the past, it is possible to pay additional voluntary contributions whilst you are working abroad in order to obtain a higher pension. Whether this is right for you will depend on your age and the amount of existing benefits you have accrued.

It is well worth doing some research to find out exactly where you stand and whether it is feasible to make extra contributions. Voluntary contributions are remarkably affordable and for a modest outlay, you may well be able to boost your current pension entitlement.

Written by Robert Webb, ACSI, LLB (Hons) Wealth Manager