Martin Lewis urges individuals to review their State Pension forecasts and explore opportunities to increase their retirement income. The UK government emphasizes the two-month window (until April 5th) for filling National Insurance (NI) record gaps to maximize State Pension benefits. Since last April, over £35 million has been contributed by individuals addressing NI shortfalls.
Martin Lewis is urging people to check their State Pension forecast to see if they can boost their payments in retirement. Writing in the latest MoneySavingExpert newsletter, the consumer champion explained how the amount of State Pension someone receives at retirement age is determined by the number of National Insurance years accrued.
HMRC and the Department for Work and Pensions are reminding people they have only two months left, until April 5, to check their NI record and fill any gaps stretching as far back as April 6 2006. From April 6 2025, people will only be able to make voluntary NI contributions for the previous six tax years, in line with normal time limits.
HMRC said the ‘Check your State Pension forecast’ service on GOV.UK is the fastest and easiest way people can check what their pension will be in retirement and take action if they need to. People can also use the HMRC app to check their state pension forecast. People should also watch out for scammers posing as the revenue body and should never share their HMRC login details with anyone.”
State Pension News Sir Steve Webb, a former pensions minister who is now a partner at pension consultants LCP said: “For most people who are short of a full State Pension, top-ups are generally excellent value for money, with the cost being recovered within three to four years of retiring.
STATE PENSION NATIONAL INSURANCE RETIREMENT HMRC UK GOVERNMENT
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Petition Calls for Abolition of Basic State Pension in Favor of New State PensionA Parliament petition urging the Labour government to abolish the Basic State Pension and transition all beneficiaries to the New State Pension is gaining traction. Campaigners advocate for an increase in the New State Pension aligned with a 'good percentage of average earnings'.
Read more »
DWP state pensioners born before these years handed £2,991 cash boostState pensioners born before certain years can claim a state pension boost worth £2,991 a year
Read more »
UK Pension Costs to Soar, Driving Potential State Pension Age IncreaseThe UK government's state pension spending is projected to significantly increase over the next two decades, reaching £124 billion by 2023-24 and potentially prompting a rise in the state pension age to 72 by 2050. This comes as the number of pensioners is expected to grow to 15 million by 2032, placing a strain on public finances.
Read more »
UK State Pension to Rise by 4.1% in AprilMillions of retired British residents will see their state pensions increase by 4.1% in April, due to the triple lock policy. This means pensioners on the new state pension scheme will receive an extra £471 per year.
Read more »
State Pension to Rise by 4.1% in AprilMillions of retired British residents will see their state pensions increase by 4.1% in April, following the triple lock policy. This means those eligible for the new state pension will receive an extra £471 annually, while those on the old style pension will see an increase of £361.
Read more »
Millions to receive up to £1,362 per month from April as State Pension risesOver 1.6 million pensioners are set to receive increased payments from April, with those on Attendance Allowance and New and Basic State Pensions experiencing a rise of 1.7% and 4.1% respectively. The article details the benefits of Attendance Allowance and how it can help individuals with disabilities or long-term illnesses manage daily living expenses. It also explains the changes to the New and Basic State Pension payments and encourages readers to use the online tool on GOV.UK to forecast their future State Pension payments.
Read more »