People have until the end of July to plug gaps in their National Insurance record going back to 2006
The UK Government recently announced that people now have until the end of July to plug any gaps in their National Insurance record which will help top-up their State Pension payments when they retire. The April 5 deadline was extended until July 31 after phone lines to the Future Pension Centre became clogged as people rushed to buy missing years.
"In the four-week period to March 26, the Department received more than half a million calls. In order to deal with this, additional staff have been deployed as quickly as possible and measures have been put in place to direct customers to the online version of the service at gov.uk.” Step 1: Check your State Pension record There are several reasons for having a gap in your NI record - from a career break or taking time out to raise a family, to caring for elderly relations, living and working abroad, earning a low income or being self-employed and not paying contributions, again because of a low income.
The summary also outlines how much you would receive if you continued to contribute and what steps you need to take to improve the forecast if there are any shortfalls. For younger people, it may not be worth the expense of filling the gaps as they will hit the 35-year contribution target anyway over the course of their life through work or NI credits. For them, it would be taking a real risk to buy now unless they are sure they won't make them up later, for example, because they live overseas.
Class 2 is considerably cheaper at about £160 for one year than Class 3, so when you consider that one qualifying year of NI adds about £275 a year or £5.29 a week to your State Pension for the rest of your life - it's easy to see the value of buying back those missed years.
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