Boosting your state pension could be set to get easier as new online tool launch looms
People can currently check their state pension forecast online
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A new online service which aims to simplify how to check and pay for voluntary National Insurance contributions is set to launch within months.
Currently, people need to make two phone calls to check and buy any missing National Insurance contributions, which could boost their state pension by thousands of pounds.
The tool will be set live before the end of this financial year, the Government has told Money Saving Expert.
The service, which is currently in development, aims to make plugging gaps in one’s National Insurance record quicker and more accessible.
The process to boost a state pension could get easier following the launch of a new tool
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It will provide information which will help people to decide which years they want to make up shortfalls for.
This will include finding the cheapest or most beneficial years to pay voluntary contributions for.
Those who decide paying voluntary National Insurance contributions is right for them will then be able to buy these online.
It will still be possible to look into buying National Insurance contributions over the phone, for those who wish to.
People usually need to have 10 qualifying years on their National Insurance record to get any state pension.
A person will need 35 qualifying years to get the full new state pension if they don't have a National Insurance record before April 6, 2016.
To get the full basic state pension, a person needs a specific number of qualifying years of National Insurance.
A man will usually need:
- 30 qualifying years if they were born between 1945 and 1951
- 44 qualifying years if they were born before 1945
A woman will usually need:
- 30 qualifying years if they were born between 1950 and 1953
- 39 qualifying years if they were born before 1950.
LATEST DEVELOPMENTS:
People can apply for a National Insurance statement from HMRC to see if they have gaps in their National Insurance record
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People can get a state pension forecast to see how much state pension they can get.
Furthermore, they can apply for a National Insurance statement from HMRC to check if their record has gaps.
If there are gaps in a person's National Insurance record that would stop them from getting the full new state pension, there may be actions they can take.
This can include claiming National Insurance credits, or, if this option isn't available, making voluntary National Insurance contributions.