New State Pension deadline next month for people to make sure they qualify for maximum retirement payment
The end of the financial year is edging closer which means time is running out for people to buy credits to plug any gaps in their National Insurance record for any missed years of contributions. To get the full New State Pension in retirement, you need 35 years’ worth of NI contributions and to receive any payment from it at all, you need at least 10 years.
“Make up five missing years at a cost of about £4,121, for example, and that could potentially be worth up to £27,500 over a typical 20-year retirement.” Top Money Stories Today Step-by-step guide to boosting State Pension payments Here is a five-step guide for men born after April 5, 1951, and women born after 5 April 1953, to help them decide whether it’s worth making up any missed years before they are lost forever.
If you are not at State Pension age, simply check your NI contribution record by logging onto the State Pension forecast calculator, which you can access through your Government Gateway here. Step 2: Assess whether filling any NI gaps makes sense Your State Pension Summary will clearly state how many years of contributions you already have, how many you have left to contribute before you retire and the number of years in which you did not contribute enough.
The best solution is to call the UK Government’s Future Pension Service on 0800 731 0175 to double check how many years you can buy and whether voluntary contributions will add to your State Pension. Those who have already reached retirement age must contact the Pension Service on 0800 731 0469.
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