Don 't miss out on your full state pension because of missed payments - expert
A leading financial advisor is urging people not to miss out on the opportunity to fill in gaps in their National Insurance (NI), after the Government extended the deadline.
The opportunity to fill gaps in an individual 's NI contribution history from as far back to 2006, was due to end on 31 July 2023, but it has now been extended for another two years.
Mike Jordan (pictured), founder of Sutton Coldfield-based Jordan Financial Management, said: “People don 't realise that any gaps in their NI contribution history can have a very detrimental impact on their state retirement pension rights.
“The fact is that some people believe they have accumulated enough qualifying years for full entitlement to the state pension, when in fact there are gaps in their payment history.
“These gaps could be down to breaks between employment or insufficient NI being paid due to part time work. The worst-case scenario is that if you haven 't accumulated at least ten qualifying years, you aren 't entitled to anything at all.
“If you find that you do have gaps, it 's vital that you make voluntary Class 3 payments, to ensure you get full entitlement. ”
Usually, individuals can only make these Class 3 payments for gaps in the past six years, however, it 's currently possible to make contributions for years right back to April 2006.
This opportunity was due to end on 5 April 2023, but the government extended this to 31 July 2023 in March. It has now extended the window to 5 April 2025.
If you want to make contributions, they are payable at the Class 3 rate for 2022/23, which was £15.85 per week.
Mike, whose firm is Sutton 's longest-established financial advisors, added: “If you are expecting the full state pension, it would be awful to discover that you are missing out because of gaps in your payment history. I would recommend anyone with concerns takes advantage of this offer. ”