Check your state pension entitlement

The current full State Pension is £11,502 (£221.20 a week) and is due to rise to around £12,000 a year for 2025/26.

In order to receive a full State Pension, you need to have been paid or been credited with 35 years of National Insurance Contributions. To receive any form of state pension you will usually need at least 10 years of National Insurance Contributions. If you are unsure on the number of qualifying years you already have in place this can be reviewed on your individual personal tax account.

If an individual believes they may fall under the 35 year threshold, they can look to make voluntary Class 3 National Insurance Contributions to make up any shortfall. An individual can only usually pay for the gaps in their NIC record for the past six years.

HMRC state, that if an individual wishes to still make voluntary contributions for the 2016-17 or 2017-18 tax year they have until 5 April 2025 to pay. The cost of making Class 3 NIC payments is £907.40 for the 2024-25 tax year.

HMRC also mention that men born after 5 April 1951 and women born after 5 April 1953 have up until 5 April 2025 to pay for gaps between the 2006 and 2016 tax years. After this date individuals may not be able to go so far back in making up any shortfall and the normal 6 year rule will apply.

The decision in deciding if voluntary Class 3 National Insurance contributions in respect of missing years is made is a financial/investment decision and independent financial advice will need to be sought to see if this is worthwhile.

If you wish to know more on this and how any gap in your NIC record can be plugged, please email Joe Wilson or call 023 8076 1237.