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Filling the Pension Gap

The Government is urging people to check if they have any gaps in their National Insurance record that might need rectifying in order to boost their state pension. When considering whether to make an extra payment to cover any shortfall, individuals are normally only able to go back a maximum of six years. However, a special scheme launched earlier in 2024 enables people to review and potentially amend tax years back to 2006-07.

To date the Government says that more than 10,000 people have taken advantage of the scheme, collectively paying £12.5 million in order to boost their eventual state pensions. Just over half of those individuals opted to top up one year’s National Insurance payments. Across the board the average payment made was £1,193 whilst the largest weekly state pension increase as a result of the scheme was £107.44.

Individuals can check their current state pension forecast by logging into their online tax account or by visiting https://www.gov.uk/check-state-pension. The deadline for this current scheme is 5 April 2025, after which individuals will only be able to correct or top up records for the previous six years. The scheme is not available for those already in receipt of state pension payments, the self-employed, or those looking to fill gaps which arose due them living abroad.

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.