New State Pension deadline next month for people to make sure they qualify for full pay in retirement
Time is running out for people to buy credits to plug any gaps in their National Insurance record for any missed years of contributions from as far back as April 2006. The UK Government extended the deadline from April 5, 2023 to July 31, 2023 after the original deadline saw a surge of people trying to contact the Future Pension Centre phone line, but unable to get through.
The breakeven point of making those contributions is three years after you start claiming your State Pension, so it’s a worthwhile investment for the many years of retirement to come - if you can afford to do so. Ms Haine added: “The concession to buy back more than six years only applies to those on the New State Pension, which came into force in April 2016, so they should use this opportunity to improve how much they receive while they still can.”
It does not need to be 35 consecutive years, but you must have hit that target over the course of your working life to receive the full entitlement. For those who are already at State Pension age, they can simply check their National Insurance record for any incomplete years since 2006. 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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