A deadline has been extended allowing people more time to boost their retirement pot.
The UK Government recently announced that people now have until the end of July to plug any gaps in their National Insurance record which will in turn boost their State Pension payments when they reach the official retirement age. The April 5 deadline was extended until July 31 after phone lines to the Future Pension Centre became jammed as people rushed to buy missing years.
Ms Trott also advised that once this has been done, “if people are below State Pension age, they can contact the Future Pension Centre to find out if they will benefit from voluntary contributions. If they have reached State Pension age, they can contact the Pensions Service”. It does not need to be 35 consecutive years, but you must have hit that target over the course of your working life to receive the full entitlement.
For those who are already at State Pension age, they can simply check their National Insurance record for any incomplete years since 2006. For younger people, it may not be worth the expense of filling the gaps as they will hit the 35-year contribution target anyway over the course of their life through work or NI credits. For them, it would be taking a real risk to buy now unless they are sure they won't make them up later, for example, because they live overseas.
Class 2 is considerably cheaper at about £160 for one year than Class 3, so when you consider that one qualifying year of NI adds about £275 a year or £5.29 a week to your State Pension for the rest of your life - it's easy to see the value of buying back those missed years.
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