Workers are being urged to check their State Pension contributions and top up any missing payments before a deadline. The UK government allows people to make up shortfalls until the end of the current tax year, April 5, 2025.
People who have gaps in their working life due to parenting or ill health may be among those affected. Not contributing enough through National Insurance (NI) throughout your working life means you will not receive the full State Pension upon retirement.
Pension experts at Spencer Churchill Claims Advice are sounding the alarm, particularly for those aged 60 to 70. A spokesperson said: 'As the deadline gets closer for this unique chance to backdate NI contributions, it's important for Brits to grasp how it affects their State Pension. The chance to correct up to 17 years of missed contributions can greatly improve one's retirement finances.'
With the full New State Pension now at £11,502 a year, not fixing gaps in your NI record could lead to significant financial loss throughout retirement. The spokesperson added: 'Every Brit close to retirement should consider reviewing their NI record and using the government's extension to backdate contributions to April 2006.'
The New State Pension has risen to £221.20 per week, highlighting the importance of having the required 35 years of NI contributions. The government's concession is a helpful option for those who missed contributions for various reasons. The spokesperson encouraged everyone to verify their eligibility and view this as a key part of their overall retirement financial planning.
