The UK government has extended the deadline for individuals to top up their state pension by filling any gaps in their National Insurance record. Individuals can now make voluntary contributions until 31 July 2023 (with the cost of doing so frozen at current levels), covering incomplete contribution years back to since 2006. The original deadline was 5 April 2023.
The key point here is that the retrospective contributions can be made going back to 2006, rather than for the past six years only which will be the default position after the 31 July deadline expires. The longer period was part of transitional arrangements alongside the introduction of the new state pension on 6 April 2016.
Paul Falvey, tax partner at BDO said: ‘It’s excellent news that the Government is extending the time available for people to decide whether to fill in any gaps in their National Insurance record. Making voluntary contributions won’t always increase your State Pension entitlement, but for those who are eligible, a modest outlay to top up incomplete or full years missing from your record may mean a significant boost to your State Pension.’
The UK government has extended the deadline for individuals to top up their state pension by filling any gaps in their National Insurance record. Individuals can now make voluntary contributions until 31 July 2023 (with the cost of doing so frozen at current levels), covering incomplete contribution years back to since 2006. The original deadline was 5 April 2023.
The key point here is that the retrospective contributions can be made going back to 2006, rather than for the past six years only which will be the default position after the 31 July deadline expires. The longer period was part of transitional arrangements alongside the introduction of the new state pension on 6 April 2016.
Paul Falvey, tax partner at BDO said: ‘It’s excellent news that the Government is extending the time available for people to decide whether to fill in any gaps in their National Insurance record. Making voluntary contributions won’t always increase your State Pension entitlement, but for those who are eligible, a modest outlay to top up incomplete or full years missing from your record may mean a significant boost to your State Pension.’
