Maximise Your State Pension By 5th April 2025 Deadline
24th October, 2024
Time is running out for you to maximise your State Pension by filling gaps in your National Insurance (NI) records (from 2006 onwards). You have until 5 April 2025 to make voluntary National Insurance contributions (NICs) for the tax years between 6 April 2006 and 5 April 2018.
10,000 people have already utilised the government digital pay service. Making these voluntary contributions could significantly increase your retirement income – so get started today!
Key Facts
- The online service launched in April 2024
- More than £12.5 million has been contributed by those wanting to improve their State Pension
- More than 3.7 million people have used the ‘Check your State Pension forecast’ tool
- 51% of customers have topped up one year of their NI record
- The average payment made is £1.193 (with some seeing weekly pension increases of up to £107.44!)
Don’t Miss the Deadline
The option to make voluntary contributions will revert back to the usual 6-year time limit after the 5th April 2025.
This means that after this deadline, you will only be able to fill in gaps for the previous six tax years. Now is the time to act if you have gaps in your NI record from 2006 onwards.
How to Check and Contribute
To check your standing and contribute, utilise the online services provided by HMRC & DWP. This includes the easy-to-use HMRC app, which provides secure access to your State Pension forecast and NI record.
The digital service allows you to:
- Check for gaps in your NI record.
- Calculate whether making additional payments will boost your State Pension.
- Make voluntary contributions securely online.
Who Can Make Voluntary Contributions?
You may be eligible to make voluntary contributions to boost your new State Pension if you:
- Were born after 6 April 1951 (men)
- Were born after 6 April 1953 (women)
However, if you are already receiving your State Pension, or if you are self-employed, you may not be eligible for the online service and should check GOV.UK for more information.
If you live abroad, this service is available to make contributions for years of UK residency. However, the rules for managing NICs while abroad may be different.
Pension Support With Haggards Crowther
If you’d like to learn more, visit GOV.UK and use the ‘Check your State Pension forecast’ tool today.
Our team of expert accountants at Haggards Crowther can assist in maximising your state pension. Contact us today for pension support.
Terry started life at HM Revenue and Customs before moving to Ashdens and then on to BDO and Chantrey Vellacott, the combination of which has provided Terry with a wide breadth of experience which has proved invaluable when helping a broad range of clients with their tax affairs.
Whether it involves meticulously organising a client’s tax affairs or leveraging his expertise to mitigate their tax exposure, Terry has a passion for delivering tangible results.
