Maximise your State Pension before the 5th April 2025

Understanding your state pension and how to boost it is essential for financial security in retirement. Thanks to an extension of the deadline for voluntary National Insurance (NI) contributions, many people now have until 5 April 2025 to make additional contributions and enhance their pension entitlement. This extension allows you more time to fill any gaps in your NI record and increase the amount you receive when you retire.

As Martin Lewis’ Money Saving Expert highlights, the UK Government has extended the deadline for paying voluntary contributions for NI years between 2006 and 2016 for the second time. Previously set to end on 5 April 2023, the deadline has now been pushed to 5 April 2025. This change means that more people can take advantage of this opportunity to top up their state pension and secure a higher retirement income. Furthermore, the cost for making these top-up contributions will remain frozen at the current rates until the 2025 deadline, ensuring a cost-effective option for pension savers.

Who needs to take action?

The new pension rules apply to:

Men born on or after 6 April 1951.
Women born on or after 6 April 1953.

To qualify for a state pension, you need at least 10 years of NI contributions. A full state pension requires 35 years of contributions, with partial pensions available for those with 10 to 35 years.

If there are gaps in your NI record, you may be eligible to pay voluntary contributions to boost your pension, even for missing years between 2006 and 2016.

Why voluntary NI contributions matter

Normally, you can only backdate NI contributions for the past six tax years. However, thanks to this special extension, you can make payments for:

Tax years from 6 April 2018 to 5 April 2024 (under standard rules).
Tax years from 6 April 2006 to 5 April 2018 (under the Government extension).

This extension means you’ll have more time to check your NI record and make any necessary payments before the 5 April 2025 deadline. It’s a great opportunity to boost your pension and secure a higher income in retirement.

While reviewing your state pension, it’s also crucial to consider other legal protections:

Wills & Probate: Ensuring your pension benefits and assets are protected in the event of death.
Lasting Power of Attorney (LPA): Appointing someone to manage your finances if you become incapacitated.
Employment & Workplace Disputes: If you’ve been misinformed about your pension entitlements by an employer, legal advice can help resolve any issues.

At GLP Solicitors, we offer expert legal support to help you secure your financial future.

Review your state pension today, this extended deadline will not be further extended. Now is the time to take action. Check your NI record, explore voluntary contributions, and seek expert legal advice if necessary.

Contact GLP Solicitors today for legal advice on pensions, wills, and financial planning.