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The deadline for Voluntary National Insurance contributions is approaching
The deadline for making voluntary National Insurance (NI) contributions was pushed back until the 31 July in March, giving you more time to take advantage of this opportunity.
So, as the deadline approaches, what do you need to know?
Why was the deadline extended?
This extended deadline provides you with a valuable opportunity to fill any gaps in your NI records and ensure that you don’t miss out on the full State Pension.
What actions should you take?
HM Revenue & Customs (HMRC) has urged taxpayers to take immediate action to ensure their NI records are up-to-date.
Here are the steps you should follow:
· Check your NI record: Review your NI contributions history to identify any discrepancies or missing information.
· Compare contributions: Compare the NI contributions you have made with those recorded on HMRC’s system.
· Identify missing NI credits: Determine if there are any periods where you should have received NI credits, such as during the receipt of universal credit or child benefit.
· Address shortfalls: Identify any shortfalls in your NI contributions and consider how to rectify them.
· Contact HMRC: If you believe there are errors or discrepancies in your NI record, get in touch with HMRC for clarification and assistance.
· Consider voluntary contributions: Based on your assessment, decide whether making voluntary NI contributions would be beneficial for your pension entitlement.
Eligibility for the new maximum State Pension
To qualify for the new maximum State Pension, you need a minimum of 35 years of qualifying NI contributions.
However, even if you don’t meet this requirement, you may still be eligible for a partial State Pension with a minimum of 10 qualifying years.
To ensure you receive the maximum State Pension possible, it is crucial to have a complete National Insurance record.
If you have any questions or need advice regarding this matter or related issues, don’t hesitate to contact our team for expert guidance.
Take advantage of this extended deadline and secure your future financial well-being by reviewing and updating your National Insurance contributions today.
If you need advice on making voluntary National Insurance contributions, contact us today for support.
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