{"id":56483,"date":"2025-04-28T04:06:09","date_gmt":"2025-04-28T04:06:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/56483\/"},"modified":"2025-04-28T04:06:09","modified_gmt":"2025-04-28T04:06:09","slug":"state-pensioners-being-handed-5000-bonuses-thanks-to-hmrc-initiative","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/56483\/","title":{"rendered":"State pensioners being handed \u00a35,000 bonuses thanks to HMRC &#8216;initiative&#8217;"},"content":{"rendered":"<p>Pension savers are reaping the benefits from the inherited Serps initiative from the Department for Work and Pensions (DWP) and HMRC.<img decoding=\"async\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/0_pensioners1.jpg\" alt=\"State pensioners being handed \u00a35,000 bonuses thanks to HMRC 'initiative'\" loading=\"eager\"  \/>State pensioners being handed \u00a35,000 bonuses thanks to HMRC &#8216;initiative&#8217;<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">State pensioners are being urged to check an inheritance rule to bolster pension savings by \u00a35,000. Pension savers are reaping the benefits from the inherited Serps initiative from the<a class=\"TextLink_text-link__dBSS0 TextLink_enabled__dJF3l\" href=\"https:\/\/www.birminghammail.co.uk\/all-about\/dwp\" target=\"_self\" aria-label=\"\" tabindex=\"0\" rel=\"noopener\"> Department for Work and Pensions (DWP) and HMRC.<\/a><\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">Royal London has revealed that in the 2023\/24 tax year, approximately 2,027,440 pensioners benefited from payments from an inherited state earnings-related pension scheme (Serps).<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">The data shows that over half a million pensioners received more than \u00a35,000 annually from these inherited payments. Royal London&#8217;s consumer finance specialist Sarah Pennells said: &#8220;This data shows how much of a difference inheriting a Serps pension from your husband, wife or civil partner can make.<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \"><a class=\"TextLink_text-link__dBSS0 TextLink_enabled__dJF3l\" href=\"https:\/\/www.birminghammail.co.uk\/news\/midlands-news\/uk-faces-five-day-mini-31506320\" target=\"_self\" aria-label=\"\" tabindex=\"0\" rel=\"noopener\"><strong class=\"Strong_strong__e2x35\">READ MORE UK faces &#8216;five day&#8217; mini-heatwave next week as BBC Weather issues warning<\/strong><\/a><\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">&#8220;The worry is that, while more than two million people are claiming inherited Serps, others could be missing out. Understanding the rules is key to boosting your retirement income.<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">&#8220;As we continue to adapt to the new system introduced in 2016, which focuses on individual entitlements, understanding the legacy of Serps and its relevance for thousands of retirees remains crucial.&#8221;<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">The data released by the Department for Work and Pensions ( <a class=\"TextLink_text-link__dBSS0 TextLink_enabled__dJF3l\" href=\"https:\/\/www.birminghammail.co.uk\/all-about\/dwp\" target=\"\" aria-label=\"\" tabindex=\"0\" rel=\"noopener\">DWP<\/a> ) relates to the old State Pension which was available to anyone who reached State Pension age before April 6, 2016. The old State Pension contained two components: the main, basic amount you could receive by paying or being credited with enough National Insurance and then an earnings-related \u2018additional\u2019 pension, originally SERPS and later replaced by the State Second Pension. Both these schemes allowed employees to build up an entitlement to extra State Pension income.<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">They were abolished under the new State Pension system, introduced in April 2016. The amount someone can inherit is calculated according to the date a husband, wife or civil partner died and their age at the time of death.<\/p>\n<p class=\"Paragraph_paragraph-text__PVKlh \">According to the 2024 figures obtained by Royal London, the average inherited SERPS payment for 2023\/24 stood at \u00a33,377 annually.<\/p>\n","protected":false},"excerpt":{"rendered":"Pension savers are reaping the benefits from the inherited Serps initiative from the Department for Work and Pensions&hellip;\n","protected":false},"author":2,"featured_media":56484,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,1267,474,2499,16,15],"class_list":{"0":"post-56483","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dwp","10":"tag-finance","11":"tag-personal-finance","12":"tag-uk","13":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114413619328579216","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/56483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=56483"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/56483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/56484"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=56483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=56483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=56483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}