DWP state pension boost worth £6,000 with people urged to act now as deadline looms
EXCLUSIVE: People have been urged to check if they could boost their payments.
People have been urged to act now as they could boost their state pension by over £6,000 over the course of their retirement.
The deadline to top up your National Insurance contributions over an extended period, as far back as April 2006, is now less than a year away.
And Britons have been encouraged to act sooner rather than later to pay for the contributions if they stand to benefit from the scheme.
Dean Butler, managing director for retail direct at Standard Life, part of Phoenix Group, told Express.co.uk: "Paying voluntary National Insurance contributions could make a massive difference to your future.
"Based on the 2024/25 rates, buying a full National Insurance year could boost your state pension by £303 a year.
"If you start claiming at 66 and live for another 20 years, you’ll have topped up your state pension by around £6,060."
But the expert also warned that you should be sure you will benefit from topping up before getting your wallet out.
He said: "It’s very important to consider your own situation, as there could be many reasons why voluntary National Insurance contributions actually wouldn’t suit your circumstances, such as sufficient time to make up the required number of years.
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"This is a big decision to make, so make the most of the deadline extension to check your record in good time and assess whether it’s the right path for you."
If you are under state pension age and thinking of paying contributions, you should contact the Future Pension Centre to find out how much you would benefit.
Those of state pension can contact the Pension Service to find out if they stand to benefit.
Mr Butler explained: "These services can help you understand if you’d actually benefit from voluntary National Insurance contributions.
"If you've decided to go ahead with making voluntary National Insurance contributions, you can contact the Government for a reference number to use. You can then pay in various ways - such as online or at a bank."
State pension payments increased 8.5 percent this month. The full new state pension is now £221.20 a week while the full basic state pension pays £169.50 a week.
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