The UK Government recently announced that taxpayers now have until April 5, 2025 to fill gaps in their National Insurance (NI) record from April 2006 that may increase their State Pension - an extension of nearly two years on the July 31 deadline.
Extending the voluntary National Insurance contributions deadline until 2025 means that people have more time to properly consider whether paying voluntary contributions is right for them and ensures no-one need miss out on the possibility of boosting their State Pension entitlements. To get the full New State Pension in retirement, you need around 35 years’ worth of NI contributions and to receive any payment from it at all, you need at least 10 years.
“The gap is also narrowing for those on the Basic State Pension, but it remains eye-wateringly high at more than £25 per week. It shows how women retiring under the new system are getting a better deal than they did under the previous one. We are also seeing the number of people receiving less than £100 per week in state pension continuing to come down for both men and women.”
“They can also tell you how far back you can purchase credits for. In most cases you can go back six tax years but for men born after 5 April 1951 or a woman born after 5 April 1953, they have the opportunity to plug gaps going back to 2006. The ability to do this expires on 5 April 2025 so if you think you can benefit from this then be sure to get in contact in plenty of time.”
Step 1: Check your State Pension record There are several reasons for having a gap in your NI record - from a career break or taking time out to raise a family, to caring for elderly relations, living and working abroad, earning a low income or being self-employed and not paying contributions, again because of a low income.
You will receive a State Pension summary outlining what year you are entitled to receive a State Pension with a guide on the amount you will receive weekly, monthly and per year according to your current and projected contribution level. These will be marked as ‘Year is not full’ with guidance on how much you need to pay in voluntary contributions for each year by April 5.
What you might find when you chat to a government pension expert is that you have more years built up than you realise as you can also build up NI years for free by acquiring tax credits.While there are certain stipulations for each scenario, NI credits can often be automatically applied, so it is always wise to put in a manual claim if they are not on your record.
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