Thousands of people are saving for retirement - and some could boost their pension by a significant amount - but the deadline is fast approaching
HMRC has updated its regulations, placing a deadline of April 5, 2025, for state pensioners to enhance their state pension entitlements. Individuals now have less than five months to take action that could significantly increase their DWP state pension benefits.
Some may qualify for NI credits instead of making payments, therefore it's vital for them to check and decide what's most beneficial for their situation, based on a Birmingham Live report. HMRC's data revealed that over half of users amended a single year of their NI record online, with an average transaction cost of £1,193.
Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, explained: "People typically need at least 10 qualifying years of NI contributions to receive any state pension at all and at least 35 years to receive the full new state pension - though they don't need to be consecutive years.", reports Cambridgeshire Live.
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