Analysts are warning Britons that time is running out to boost their state pension payments as an important deadline is only weeks away.
Specifically, those approaching retirement are being urged to bolster their entitlement by filling gaps in their National Insurance records dating back to 2006.
As it stands, the deadline to claim backdated National Insurance contributions (NICs) falls on April 5, 2025 – just over a month away.
After this date, individuals will only be able to make voluntary contributions for the past six years of National Insurance credits.
A minimum of 35 years of NI contributions is needed to receive the full state pension payment. Anyone with potential gaps should check their entitlement now to consider filling these before the deadline.
Do you have a money story you’d like to share? Get in touch by emailing [email protected].
Older Britons are being urged to apply for backdated National Insurance credits to boost their state pension
GETTY
The cost of purchasing National Insurance credits for those who are employed is £17.45 per week. This equates to £907.40 to fill a gap for a full year in your record.
Each complete year of National Insurance purchased will provide up to £6.32 more per week in State Pension. This amounts to an additional £328.64 annually, before any yearly increases are applied.
According to MoneyHelper, the purpose of making voluntary contributions is to pay a small amount now for greater state pension benefits later.
The financial benefits of filling gaps can be substantial over time with analysis suggesting that pensioners are at risk of a retirement savings shortfall.
Britons are looking for the best way to ensure their pension savings go further GETTY If someone dies before reaching state pension age, they would not receive any return on their contributions.
Individuals can check their entitlement by requesting a state pension statement using a BR19 form. This form is available online or by calling the government helpline on 0345 3000 168.
Those with a Government Gateway account can access these details online instead. Checking your record now allows you to make informed decisions about whether to fill any gaps before the April deadline.
Ahead of the looming deadline, experts are highlighting that process is straightforward and provides clarity on your current state pension position.
LATEST DEVELOPMENTS:
Pensioners have struggled amid the cost of living crisis GETTY Jonathan Watts-Lay, the director at WEALTH at work, is urging Britons to take action as soon as possible.
He shared: “With the April 5 deadline fast approaching, it is important for those who think they may have not built enough entitlement to receive the full state pension to check their records now.”
The pension expert highlighted the specific groups who may benefit from filling gaps.
“Those who have a gap of more than six years in National Insurance contributions, which may include those who have taken a career break, have worked abroad or had time off for child or elderly care, may want to consider filling these gaps in their record now.”