MILLIONS of savers have just DAYS left to boost their future state pension payments. A crucial deadline to fill in gaps in National Insurance (NI) payments is looming on April 5. 1 Filling in gaps in your National Insurance record could increase future state pension payments Credit: Alamy The date will end a temporary extension that allowed people to fill in missing NI years dating back to 2006/2007.
Pensioners require 35 years of qualifying NI contributions to claim the full new state pension, which is worth £221.20 a week. A minimum of 10 years' payments are required for savers to receive anything at all.
Life events such as career breaks, time spent abroad, or periods of self-employment with low earnings can result in gaps in NI payments. READ MORE IN MONEY PENSION TENSION Full list of ways to boost your state pension for free and save £824 PAY BOOST State pension trick to extend deadline to top up retirement pots This means that making payments to fill in gaps can significantly impact your future income. Buying one additional year costs £907 and boosts your state pension by £342 every year of retirement.
Or If you fill gaps between 2006/07 and 2015/16, you'll pay the 2022/23 rates for contributions working out at £824.20 to buy one year of contributions. This means you can make back the investment cost within three years, and potentially boost pension income by thousands of pounds over the course of your retirement Most read in Money SHOP TO IT Major fashion brand to.
