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UK. HMRC issues National Insurance act fast warning to boost State Pension before cut-off date
The deadline for those impacted by new State Pension transitional arrangements is fast approaching
HM Revenue and Customs bosses have issued a message to people to act ahead of a looming deadline. HMRC officials have disclosed that more than 10,000 payments, amounting to £12.5 million, have been made through the new digital service to boost individuals’ State Pensions since its launch in April. With less than six months left to address any National Insurance (NI) record gaps dating back to 2006 to maximise their State Pension upon retirement, people are being encouraged to take action.
Voluntary contributions can usually only be made for the previous six tax years, and after next year’s April 5 deadline, the standard six-tax year limit will be reinstated. In 2023, the government extended the deadline for voluntary NI contributions to April 5, 2025 for those affected by new State Pension transitional arrangements, covering tax years from April 6, 2006 to April 5, 2018.
This extended deadline has given individuals extra time to assess their options and make their contributions. Men born after April 6, 1951 and women born after April 6, 1953 are eligible to make voluntary NI contributions to increase their New State Pension.
Some individuals may qualify for NI credits instead of having to make contributions, so it’s vital they check and decide what’s best for them. HMRC stated that further analysis of the online service usage indicates that the majority (51%) of customers topped up one year of their NI record, with the average online payment amounting to £1,193.
