UK State Pension Voluntary Contribution

Pension and retirement might be a long way away for some of you however it is something to be aware of and to think about.

To be eligible for UK state pension you need at least 10 years of qualifying national insurance (NI) record. How much pension you get is dependent on how many qualifying years you have accumulated. You would normally be eligible for maximum state pension when if you have 30 full years of NI record. More details can be found on the below link.

https://www.gov.uk/new-state-pension 

You can view your NI record by logging into your personal government gateway account. If you do not have one, you can create one and once you pass security requirements you will get access. See link below:

https://www.gov.uk/log-in-register-hmrc-online-services 

There are various ways of accumulating NI record, being in employment or paying voluntary national insurance contributions is to name a few.

Paying voluntary national insurance contributions is something I would like to update you on. You may have gaps in your NI record. You can pay voluntary contributions to fill these gaps. You can simply do this by logging into your personal government gateway account and under NI record section making payments.

You have until 5 April 2025 to fill in gaps for all years from 6 April 2006 to 5 April 2018 which could boost your state pension. After this deadline you can only make contribution payments for the previous 6 years.

Please get in touch with us if you require any assistance.