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    Could you boost your state pension?

    Could you boost your state pension?

    The state pension usually forms a large part of retirement planning, and it is important to check that you have made the necessary national insurance contributions to receive the full amount. If you find you have fallen short, there is the option to ‘top up’ with voluntary contributions but there are restrictions on this.

    The original deadline to plug any missing gaps dating back to 2006 was 31 July 2023, however following the massive number of calls received ahead of the deadline it has now been extended to April 2025. The extension means that individuals will have a longer period to fill any gaps to ensure they will be eligible to receive the full state pension at retirement. Filling in the gaps normally offers great value for money, as the break even point could be around 4 years in to receiving your state pension.

    To qualify for any state pension, you will require a minimum of 10 years national insurance contributions. As of the tax year 2022/23, the full state pension entitlement is £203.85 per week and to qualify for this, a full 35-year national insurance contributions is required.

    Presently state pension age is 66 for both males and females. Current legislation is for state pension age to increase to 67 in 2028, and it is being ratified for an additional increase to age 68 in 2039.


    If you think you may fall short of receiving your full state pension because of gaps in your national insurance contributions, looking to top these up with voluntary contributions could be a great way to ensure you’re going to have sufficient funds to live the lifestyle you desire in retirement.

    Along with many other considerations, your state pension should be a key factor in your retirement planning. We can help you plan ahead by creating a personalised cashflow plan which is based upon your current circumstances and an agreed set of assumptions.

    Get in touch

    For further information or advice on your pension savings and planning for your retirement, get in touch with a member of our financial planning team by emailing or calling 01254 679131.

    A comment to note that the article does not constitute personalised advice and that advice should be sought before taking any action.  

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