How to Check Before the Deadline!
Your State Pension is a crucial part of your retirement income, but are you on track to receive the full amount?
Many people don’t realise they could be missing out due to gaps in their National Insurance (NI) record. The good news is that there’s still time to act – but the deadline to fill in missing years is fast approaching!
Here’s what you need to know and how to take action!
How Does the State Pension Work?
The UK State Pension is based on your NI contributions. To receive the full New State Pension, you typically need 35 qualifying years of NI contributions. If you have fewer years, you’ll receive a reduced amount. The minimum requirement is 10 years to get anything at all.
If you reached State Pension age before April 2016, you’ll receive the basic State Pension, which has different rules.
How to Check Your State Pension Forecast
Checking where you stand is easy and can be done online in just a few minutes.
🔹Step 1: Visit the official government website https://www.gov.uk/check-state-pension
🔹Step 2: Sign in using your Government Gateway account (or create one if you haven’t already)
🔹Step 3: View your forecast to see how much you’re expected to receive and whether you have any gaps in your NI record.
What Can You Do If You Have Gaps?
If your record shows missing years, don’t panic – there are ways to boost your entitlement:
✅ Voluntary NI Contributions: You may be able to pay to fill in missing years, particularly for gaps between April 2006 and April 2016 – but time is running out! The government’s deadline to backfill these years has been extended to 5 April 2025, so now is the time to act.
✅ National Insurance Credits: If you were unemployed, a carer, or raising children, you may be eligible for NI credits to cover those missing years.
✅ Check Your Employment History: If you were employed but your contributions are missing, it might be worth investigating with HMRC.
Why It’s Important to Act Now
Filling gaps could mean thousands of pounds in extra retirement income. The cost of Class 3 National Insurance voluntary contributions is currently £17.45 per missing week – but this could result in a significant boost to your pension over the years.
The closer you are to retirement, the more urgent it is to check your record and take action before the deadline!
Need Help? Let’s Make Sure You’re on Track!
Understanding your State Pension can be confusing, but you don’t have to figure it out alone. As a financial adviser, I can help you navigate your options and ensure you’re making the best choices for your future.
TALK TO US TODAY
To discuss your pension situation and secure your retirement income!
