Are you going to get full State Pension?
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On 12th June 2023, the DWP further extended the deadline for checking and making voluntary National Insurance contributions towards your State Pension to 5th April 2025.
Deadline for voluntary National Insurance contributions extended to April 2025 - GOV.UK (www.gov.uk)
It was only announced in March 2023 that HMRC and the DWP would extend the deadline for filling in gap years in your National Insurance record.
The State Pension remains the cornerstone of their retirement income for many people. In the forthcoming tax year, for those entitled to it, the full State Pension will exceed £10,000 per annum. Using HMRC’s Government Gateway portal*, it has never been easier to check your State Pension progress and entitlement.
Many people may have gaps in their National Insurance contributions due to either not working, or where earnings did not qualify, or due to living outside of the UK for a period of time. By making voluntary contributions, you can fill in gaps for the tax years April 2006 to April 2016 but the window to do this was due to close on 31st July 2023. The deadline has now been extended to April 2025.
If you think you may have gaps in your contributions, it would be beneficial to check your current level of State Pension entitlement. However, it is becoming apparent the call centres are struggling to cope with the level of enquiries they are receiving, and the Government Gateway portal is the quickest and easiest way to access this information. Full details can be accessed via the following link:
www.gov.uk/check-state-pension
How can Prosperis help?
The State Pension provides an important index-linked secure income for your retirement. While the State Pension age has changed in recent years, it is still important to make sure your entitlement is optimised. Understanding your future aspirations and expectations will enable us to build a financial plan to help you achieve your retirement goals.
If you would like us to assist you in reviewing your retirement plans and goals, please get in touch with us on 01423 223640, where an adviser will be happy discuss other pension options and investments to help you achieve them. Alternatively, you can email us at advice@prosperis.co.uk.