Published: 15/10/2024 By Hannah Duncan
Since the beginning of 2023, we’ve been urging our followers to review their National Insurance (NI) records to see if they need to make voluntary contributions to boost their state pension. But why the urgency? Right now, you have the opportunity to fill any gaps in your NI record all the way back to 2006, but the window to make these contributions is closing soon!HMRC has pointed out that there is now less than six months remaining to fill any gaps in your (NI) record for the period between 6 April 2006 and 5 April 2018. After the deadline of 5 April 2025, you will only be able to make voluntary contributions for the previous six tax years.
Your state pension entitlement is determined by your qualifying NI years. By filling in missing NI years, you could potentially increase your weekly state pension. However, it’s essential to evaluate whether making voluntary contributions is necessary in your particular circumstances.
HMRC has previously advised that while topping up your NI record can boost your pension, it doesn’t always guarantee an increase. It’s important to check or seek advice, as the benefit depends on individual circumstances, including your age and the number of working years you have left to contribute. Even if you have gaps in your NI record now, you may still have enough working years left to qualify for the full state pension without needing to make voluntary contributions.
You can check for potential gaps in your NI payments using HMRC’s online tool, it calculates if additional contributions could be needed for you to receive your full state pension. The tool can be accessed through your Personal Tax Account or the HMRC app. Don't have an account - you can also sign up through the personal tax account link.
As financial advisors we suggest checking NI contributions to avoid losing pension entitlements, however for more tailored advice get in touch today call us on 020 8661 7878 or email advice@turpinba.co.uk
Read our recent blogs for further information regarding how and why you could need to top up your NI:
Check your National Insurance contributions online!
Further extension for NI contributions!
Pay missing National Insurance before the tax year is up!