Are you looking to maximise your retirement income? If you were born after April 5, 1951 (for men) or April 5, 1953 (for women), you have an opportunity to increase your State Pension by filling any gaps in your National Insurance contributions from April 6, 2006, onwards.
The good news is that the government has recently launched an enhanced Check Your State Pension forecast service, available on GOV.UK and through the HMRC app. This new digital service is designed to help you make informed decisions about your retirement planning by providing valuable information on your National Insurance contributions history.
Everything that you need to know
- Deadline Approaching: You have until April 5, 2025, to pay voluntary National Insurance contributions for the tax years 2006/2007 to 2017/2018. After this date, any unpaid contributions from these years will no longer be eligible.
- Personalised Insights: The enhanced service will show you the years where you have gaps in your contributions and guide you on the most cost-effective or beneficial years to pay voluntary contributions.
- Seamless Payment Process: If you have fillable gaps, you can follow the straightforward online process and make payments directly through the service, should you decide to do so.
- Early Action Recommended: The service has been launched almost a year ahead of the deadline, giving you ample time to identify any shortfalls and evaluate the potential benefits of paying voluntary National Insurance contributions. However, just because you have plenty of time, if you want to take action, don’t put it off.
- Convenient Access: Most individuals, including those living abroad who want to pay voluntary contributions for years they were resident in the UK, can use the online service without needing to contact HMRC or DWP directly.
It’s important to note that the service is currently unavailable for those already receiving their State Pension, self-employed individuals, individuals currently living outside the UK with gaps incurred while working abroad, individuals within 8 days and 4 months of or over State Pension age, and those whose National Insurance records are being updated.
If you think you might have missed contributions going back to April 2006, it is well worth taking a few minutes to check your position with the new tool. To fill in one year’s missing contribution (before the 2023/24 tax years) costs £824.20 and could mean an extra £328.64 a year in State pension.
Don’t miss this opportunity to maximise your retirement income. Visit GOV.UK or access the HMRC app today to take advantage of the enhanced Check Your State Pension forecast service. Secure your financial future by making informed decisions about your National Insurance contributions.