Simple things to check to make sure you are receiving or due full State Pension entitlement.
HM Revenue and Customs recently announced that more than 10,000 payments worth £12.5 million have been made through the new digital service to boost people’s State Pension s since it launched in April. People have less than six months left to fill any gaps in their National Insurance records going back as far as 2006 to maximise their State Pension in retirement.
Some people may be entitled to NI credits rather than needing to pay contributions, so they will need to check and consider what is right for them. People can find out more about making voluntary contributions on GOV.UK here. People of working age can also check their State Pension forecast on GOV.UK here.
But, before you rush to plug gaps in your National Insurance record, the pensions expert warns: “It is hugely important that you speak to DWP before parting with any money for voluntary National Insurance credits as they can confirm if you will definitely benefit from buying them. In some instances, such as if you were contracted out for instance, you may not benefit from the extra credits.”
Others missed out when they opted out of Child Benefit after the introduction of the High-Income Child Benefit Tax Charge. If you claim Child Benefit in your name, then you will get the National Insurance credit towards your State Pension. Latest Benefits News Buy National Insurance credits If you can spare the cash, you can plug gaps in your NI record by buying voluntary class 3 NI contributions. Buying a full extra year costs around £800, though partial years will be cheaper. For each year bought you get 1/35th of a year’s State pension. This means you effectively earn your money back in around three years, so it can prove very good value.
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