State pension news: Huge boost as deadline to increase your payouts by £10,000s extended
Britons can benefit from a huge state pension boost as the deadline to bag extra contributions has been extended
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Britons can benefit from a huge state pension boost as the deadline to bag extra contributions has been extended.
Taxpayers now have until April, 5 2025 to fill gaps in their National Insurance record from April 2006 which could increase their payout.
The previous deadline of 31 July had received backlash as people were unable to get through to the advice line to find out if they were eligible.
Financial expert Martin Lewis urged people last week to urgently check if they could potentially boost their pensions.
Financial expert Martin Lewis urged people last week to urgently check if they could potentially boost their pensions
PA
Lewis offered to help people "navigate" the busy phone lines in a programme dedicated to the issue on Tuesday.
Talking about the extension, he tweeted: "I suspect it isn't a coincidence that this announcement comes the day before my [ITV] special on it, with the pensions minister coming on, knowing I was going to go hard about people having to call the Future Pensions Service 100s times before they get an answer.
"Overall though the extension is very good news, for full help watch the show tomorrow 8pm..."
Britons have until April, 5 2025 to fill gaps in their NI record to help increase the amount they receive in State Pension when they qualify.
Taxpayers with incomplete years in their NI record could be financially better off in their retirement if they make voluntary payments to top up any incomplete or missing years.
Laura Trott, minister for pensions at the Department for Work and Pensions, said: "I am pleased to see so many people taking steps to review their State Pension, which is why we have extended the deadline for customers to add extra years to their National Insurance record.
"This extension means thousands more people will have time to check their entitlement, and in many cases increase the amount they receive when they retire."
There are three main ways people can increase the amount they receive in state pension – by claiming free NI credits, buying extra years, or deferring how soon they start claiming it.
Taxpayers with incomplete years in their NI record could be financially better off in their retirement if they make voluntary payments
PAAnyone considering claiming credits should contact the government's free Future Pension Centre on 0800 7310175 for calculations on whether it is worthwhile.
Lewis previously advised: "Before you go and buy any [credits] it is very important you check whether you are due free credits.
"For example, if you were a carer, you had childcare responsibilities or an illness. You can go and check via the national insurance credits section of Gov.uk and you may get those years back without having to pay for it."