If you plan to claim the UK state pension, it’s crucial to check your National Insurance (NI) record before 5th April 2023. This deadline is approaching quickly, and it’s essential to ensure that you have the necessary NI contributions to qualify for the state pension.
Eligibility for the UK State Pension
To be eligible for the maximum ‘new state pension’, you must have 35 qualifying years of NI contributions and retire on or after 6th April 2016. You need a minimum of 10 years of contributions to receive partial payment of the ‘new state pension.’ If your NI record began before 6th April 2016, you may need to make additional contributions to qualify for the state pension.
Making Voluntary National Insurance Contributions
If you haven’t contributed enough to qualify for the state pension, consider making voluntary NI contributions to top up your contribution history. Seek financial advice from a professional to ensure that you’re handling this process correctly and maximising your contributions.
Timeframe for Making Voluntary Contributions
You can make voluntary contributions to fill gaps in your NIC history from 6th April 2006, to the present date. Generally, you can only make contributions for the previous six tax years, although there is currently an extension in place. However, this extension will end on 6th April 2023, meaning that you will only be able to make contributions going back to the 2017/18 tax year in the 2023/24 tax year.
Check Your National Insurance Record
It’s essential to check your NI record before 5th April 2023, to ensure that you have the necessary contributions to qualify for the state pension. Check that your record includes NI contributions paid through PAYE or Self Assessment and NI credits gained. If there are any errors that need to be fixed, contact HMRC as soon as possible.
Need Advice?
If you need advice on claiming the state pension or checking your National Insurance record, we can help. Our team at BK Plus has extensive experience in this area and can guide you through the process, helping you maximise your contributions and receive the full amount of state pension you’re entitled to. Email us at hello@bkplus.co.uk to get in touch.
