Top up missing NICs
online
The government has recently launched a new digital service which should make it easier for people to check for any gaps in their national insurance contribution (NIC) record. They can then pay securely through this service.
The full annual amount of new state pension now stands at just over £11,500, following two years of healthy percentage increases. However, this full amount is only paid to those with 35 qualifying years on their NI record.
The new digital service – known as Check Your State Pension Forecast – lets most people:
People can access the Check Your State Pension Forecast service via their personal tax account or using the HMRC app.
People with gaps can choose which years they would like to fill. After making a secure payment through the service, confirmation will be sent that the payment has been received. A person’s NI record will then be updated.
To add a year costs £907, and this will boost current annual pension entitlement by some £329, a very respectable return for someone who enjoys many years of retirement.
The normal time limit for someone to fill gaps is six years. The deadline for filling gaps in the 2018/19 tax year is therefore 5 April 2025.
However, transitional arrangements running until 5 April 2025 mean that people can currently look further back to fill gaps – as far back as the 2006/07 tax year. On top of that, gaps for the years 2006/07 to 2017/18 can be filled at a reduced annual cost of £824, improving the return even further.