State Pension Top Up Deadline Extended
The government has announced that the 5 April deadline to fill gaps in National Insurance records in order to increase future State Pension payments has been extended to 31 July.
The extension is due to difficulties people have been experiencing in contacting the Future Pension Centre to confirm their own position.
Individuals with gaps in their National Insurance record from April 2006 onwards now have more time to decide whether to fill the gaps to boost their new State Pension. Any payments made will be at the lower 2022 to 2023 tax year rates.
As part of transitional arrangements to the new State Pension, taxpayers have been able to make voluntary contributions to any incomplete years in their National Insurance record between April 2006 and April 2016, to help increase the amount they receive when they retire.
We have found from previous experience clients have been able to increase their state pension significantly by making relatively modest additional contributions.
If you would like to discuss how this could impact you, please don’t hesitate to contact your adviser.
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