The Government is urging older people to boost their state pension payments before a crucial deadline next year.
With less than 12 months remaining, individuals have until April 5, 2025 to fill gaps in their National Insurance record between 2006 and 2018 through voluntary contributions.
This opportunity could significantly increase future pension income for many Britons.
The Department for Work and Pensions (DWP) has launched digital service to facilitate these payments, which has already seen substantial uptake.
Analysts stress the importance of reviewing personal circumstances before taking action, as not everyone with gaps in their record necessarily needs to make additional contributions.
Those approaching retirement are being urged to use the online checking tool on GOV.UK to view their state pension forecast and assess their eligibility for this scheme.
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As it stands, Britons need to have 35 years of National Insurance contributions under their belt to get the full, new state pension.
New data from HM Revenue and Customs (HMRC) has shone new light on how success the Government’s latest initiative has been.
Since April 2024, over 10,000 payments totalling £12.5million have been made through the new digital service to boost state pensions.
The online checking tool on GOV.UK has seen significant engagement, with 3.7 million people using it to view their state pension forecast.
Emma Reynolds, Minister for Pensions, emphasised the importance of this opportunity: “We want pensioners of today and tomorrow to enjoy the dignity and support they deserve in retirement.
“That’s why I urge everyone to check if they could benefit by filling gaps before the deadline passes. Using our online tool means only a few clicks could make a huge difference to your future.”
Claire Trott, Divisional Director of Retirement and Holistic Planning, offers advice on reviewing state pension forecasts.
She emphasised that not everyone with gaps needs to take action, even if they don’t currently have full entitlement.
“When reviewing a state pension forecast, it’s essential to focus on the projected pension figure and compare it to what has already been earned,” Trott explains.
She advises that if only a few more years are needed and full-time work or credits are expected, no further action may be required.
Trott also highlights that there are various ways to accrue state pension credits, some automatic and others requiring a claim.
For complex cases, she recommends seeking advice and guidance, particularly when there’s a significant gap between expected and potential earnings by retirement.
