Time is running out to add thousands to your State Pension
HMRC is urging people to check their National Insurance contributions now as it could add thousands of pounds to the State Pension.
More than 10,000 people have already increased their pension pots by a combined £12.5 million over the last six months, but the deadline to make voluntary NI contributions is now not too far away.Pensioners have until April 5, 2025 to buy NI contributions dating back to 2006, potentially adding £10,000s to their State Pension. According to MoneySavingExpert founder Martin Lewis, pensioners can spend just £824 to ‘buy’ a missing year in their NI record and get £5,500 back.
“Transitional arrangements from 2016 let you buy back years to 2006, rather than just the usual 'back six years'. They were due to end in April 2023, but the deadline was twice extended, as very heavy demand left phone lines jammed . HMRC launched an online tool earlier this year to allow people to check if they have any gaps in their NI record and calculate if making a payment will boost their State Pension. But not everyone will get access before the April 2025 deadline, so pensioners are urged to act now. You won’t be able to use the tool to plug gaps in your NI record if:
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