Men and women are both being offered the chance to increase their state pension by £25 a week, which will give them guaranteed extra income for life.

Men who are 65 and upwards and women 63 and older are able to take place in a scheme that will remain open for 18 months from 12th October. Any person who fits the age requirement will be able to buy additional state pension worth up to £1,300 a year.

Human resource and pensions experts explain that this is a great opportunity for people to increase their guaranteed retirement income with a boost that will be index linked. This means that there will be a level of protection for pensioners and their spouses against inflation. In many cases, surviving spouses and partners will be able to inherit, hopefully, at least 50% of the extra pension.

Minister for Pensions Baroness Altmann said that this is an opportunity for those who are also already retired to boost their income later in life.

Ultimately, the cost of a state pension top up is based on the age of the person and takes average life expectancy into account. For instance, an extra £10 of pension a week will cost a 65-year-old man approximately £8,900. The contribution rate for the same amount of pensions for a 75-year-old man, however, is less at £6,740.