To ensure entitlement to the full UK New State Pension you should review your National Insurance (NI) record by 31 July 2023 for any gaps in payment history that may affect your pension benefits in the future.
A temporary opportunity to voluntarily make up for any missed contributions for tax years dating back to 2006 will end in July. After this date, individuals will only be able to make additional contributions going back six years.
This means that in the 2023/24 tax year, it will only be possible to make contributions going back to the 2017/18 tax year.
At least 35 years of qualifying NI contributions are required to receive the maximum state pension, and a minimum of 10 years of qualifying contributions is necessary for a partial state pension.
Therefore, individuals should take the opportunity to check their NI record. HMRC is advising taxpayers to take the following action before 31 July 2023:
If you need any guidance on your National Insurance records or have queries about this upcoming deadline, please contact us.