HMRC urges Brits to check National Insurance records and make voluntary contributions before April 5th to increase future pension payouts. The initiative allows individuals to rectify gaps in their records dating back to 2006, potentially boosting weekly pension amounts by up to £113.76. The service also warns against scams and emphasizes the importance of using official channels.
HM Revenue and Customs ( HMRC ) is urging British citizens to take advantage of a limited opportunity to increase their State Pension funds. Individuals have until April 5th to rectify any missing National Insurance contributions within their records dating back to 2006. This could significantly enhance their future pension payouts.
Since the launch of the online top-up service last year, approximately 37,000 people have made over 68,000 voluntary contributions, adding up to a total of £35 million. The average contribution has been £1,835, with some individuals seeing their weekly State Pension increase by an impressive £113.76.After April 6th, the window for voluntary National Insurance contributions will shrink to only the past six tax years, reverting to the standard limitations. Angela MacDonald, HMRC's Deputy Chief Executive, emphasized the importance of taking action: 'There are just two months left to check and fill any gaps in your National Insurance record from 2006 onwards to boost your State Pension entitlement. Don’t delay - it is quick and easy to check your National Insurance record on GOV.UK and it could help your finances in retirement.'The Check your State Pension forecast service on GOV.UK is the most efficient way to determine your projected pension amount and identify any necessary actions. The HMRC app also provides this functionality. Since its launch in April of the previous year, over 4.3 million people have used the service to check their State Pension forecasts. The service also allows users to review their National Insurance history, understand how additional contributions might affect their pension, and make a single payment to top up for as many years as required. However, HMRC has issued a warning about potential scams, urging individuals to remain vigilant and never share their HMRC login details. They advise seeking information about HMRC scams on GOV.UK. Those eligible to make voluntary National Insurance contributions to enhance their new State Pension are men born after April 6th, 1951, and women born after April 6th, 1953.
STATE PENSION NATIONAL INSURANCE HMRC PENSION BOOST RETIREMENT PLANNING SCAM WARNING
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