Time is running out with upcoming NI rule changes that could prevent you from maximising your state pension...

You currently have the option to pay voluntary NI contributions to make up for any gaps in your record between tax years April 2006 and April 2016 (if you’re eligible).

However, after 31 July 2023, you’ll only be able to pay voluntary contributions for the past 6 years. This may result in you not having sufficient contributions to qualify for the full new state pension. To qualify for the full new state pension, you usually need 35 qualifying years. If you have been contracted out, you may need more than 35 years to qualify for the full new state pension amount, however your opportunity to fill historical gaps in your record may be more limited.

You can check your National Insurance record via your personal tax account and see what gaps you have in your record. You can also view your state pension forecast from your personal tax account to see how your current contributions effect your pension entitlement. If you do not have a personal tax account set up, you can do this here: https://www.gov.uk/personal-tax-account

After checking your National Insurance record and state pension forecast, if you have any concerns and would like us to review your pension situation, please get in touch as soon as possible.

For more advice please contact Jon via hello@richardsonswift.co.uk or call us on 01225 325580