UPDATE 21 JUN 2023: THE NEW DEADLINE FOR TAXPAYERS TO FILL GAPS IN THEIR NATIONAL INSURANCE CONTRIBUTIONS IS 5 APRIL 2025.
If you are aged between 45 and 70 it is important to check that you have, or expect to have, made sufficient National Insurance contributions to qualify for the full State Pension.
If not, making voluntary contributions now could significantly boost the amount of State Pension you are entitled to. For example, if you have insufficient years a payment of £800 could benefit your State Pension by up to £5,500.
It is important to review this as soon as possible, as the current “transitional rules”, which allow you to go back to between 2006-2016, end on 5 April 2025. After this date you will only be able to go back a maximum of 6 tax years.
If you are not yet of state pension age and are not sure about your personal situation, we recommend you contact the Future Pension Centre on 0800 731 0175.
If you are already at state pension age then you should call the Pension Service on 0800 731 0469, before making any decision. They will have access to your full records and will be able to confirm whether making voluntary contributions is recommended based on your personal circumstances.
The phone lines are both free and open between 8am and 6pm on Monday to Friday.
If you decide to make additional contributions, they will also advise you of the next steps. This would usually be to contact HMRC directly to:
- Confirm how much the additional voluntary contributions will cost you
- Obtain a unique 18-digit reference number that you then need to quote when making the additional voluntary contribution
If you have you have any further questions about the above, please contact your
usual Moore advisor.