The deadline to fill any missing gaps in voluntary National Insurance contributions to qualify for the State Pension has been extended until 5 April 2025. This follows an original deadline of 5 April 2023, which was extended in March by HMRC to 31 July 2023.
Why make voluntary contributions?
If you have missing years and your gaps are in the years 2006 to 2017, then you can take action to pay voluntary National Insurance contributions to boost State Pension entitlements.
You may benefit from making voluntary contributions if you are
- Planning for retirement and looking to fill gaps in your National Insurance record;
- Employed but with low earnings;
- Unemployed and not claiming benefits;
- Self-employed but have not paid contributions due to small profits; and
- Living or working outside of the UK.
With nearly 2 years until the new deadline, the option to pay voluntary contributions can be more carefully considered – it is not always the case that making payments increases your State Pension.
Making the right decision
The Government have set up a free advice service; The Future Pension Centre, who can advise you on your individual circumstances. Full details of how to contact them can be found on our factsheet, which can be downloaded below.
Our factsheet also includes links to check your National Insurance record and the criteria and how to claim free credits.
For further information and assistance please get in touch with your usual M+A Partners contact or email firstname.lastname@example.org