A trick to extend state pension top-ups beyond the deadline has been revealed. People trying to top-up state pensions ahead of a crunch deadline can get an extra month to make payments by logging into their National Insurance records.
If you currently click ‘view details’ on any years for which you might want to make voluntary contributions, you automatically get another month to pay. Using this little-known trick means if you do this for example on 4 April, you will be given until 4 May to pay.
You’ll be eligible for a full State Pension if you’ve made National Insurance contributions for 35 years. If you’ve paid in for between 10 and 35 qualifying years, you could make additional contributions to top up your pot.
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The government scheme to make voluntary National Insurance contributions going back as far as the 2006/07 tax year has been extended. It will now run until 5 April 2025.
Martin Lewis previously shared a simple checklist everyone between 40 and 73 can use to check if they can increase their State Pension by £5,400, but for some it could be worth a lot more.
Martin went on to say that buying missing NI years through HM Revenue and Customs (HMRC) costs around £825 or less per full year, but could net you “£5,400 or more” in retirement. He added: “It’s the most lucrative thing many under age 73 can do, some gain £10,000s.”
A couple shared how they increased their State Pension over the next 10 years by a whopping £18,000 by buying three missing NI years for just over £1,800. He said: “This isn’t just for people who are already claiming the State Pension, it could be 30 years away and this still works for you, it’s about your future pension and some people may not have to pay at all to do this. Some people can do it for free.”
You can check your State Pension entitlement on the ‘Check your State Pension forecast’ page on the GOV.UK website here. This will also tell you your State Pension age – when you can officially retire and start collecting payments.
