Time is running out for people to buy credits to plug any gaps in their National Insurance (NI) record for any missed years of contributions from as far back as April 2006. The UK Government extended the deadline from April 5, 2023 to July 31, 2023 after the original deadline saw a surge of people trying to contact the Future Pension Centre phone line, but unable to get through.
As a result, the Department for Work and Pensions (DWP) extended the deadline by three months and deployed more staff to handle the increased call volume. To get the full New State Pension in retirement, you need around 35 years’ worth of NI contributions and to receive any payment from it at all, you need at least 10 years.
Buying back missed years can be a good way to boost later-life income as the New State Pension is worth up to £10,600.20 over the 2023/24 financial year - paid every four weeks at £203.85.
