The UK Government recently announced that people now have until the end of July to plug any gaps in their National Insurance record which will in turn boost their State Pension payments when they reach the official retirement age. The original deadline of April 5 was extended until July 31, 2023, after phone lines to the Future Pension Centre became jammed as people rushed to buy missing years.
The extension means people can buy missing years going back to 2006 in contributions which would count towards their State Pension - after that, they can only go back six tax years. The Department for Work and Pensions (DWP) said last month that it is “not possible to estimate the number of people” who would benefit from plugging gaps, but before you part with any cash make sure you contact the Future Pension Centre first to make sure it will be financially worthwhile.
DWP Pensions Minister Laura Trott MP also recently advised anyone who is unsure about plugging gaps or how much they can expect in retirement, to use the online ‘Check your State Pension’ forecasting tool on GOV.UK which tells you exactly how much money you will be paid each week in retirement - and what age you will be able to officially retire.
