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The Government’s promise to reinstate the ‘Triple Lock’, a scheme which dictates how much the state pension will increase each tax year, came into force from April 2023. This means that the level of basic and new State Pension will rise in line with the Consumer Price Index from £141.85 per week to £156.20 per week and £185.15 per week to £203.85 per week respectively.
The new State Pension is based on how many ‘qualifying National Insurance’ years you have, with many people needing a full 35 qualifying years. However, if you have any gaps in your NI record or missing years between the years of 2006 to 2016, the opportunity to purchase additional NI credits and boost your retirement income ends on the 31 July 2023. The deadline for making voluntary National Insurance contributions to cover gaps going back to 2006 had been set for 30 April 2023, but the Department of Work & Pensions has struggled to cope with the applications for the scheme and therefore have extended the deadline. Those making extra payments after the 31 July 2023 will only be able cover gaps going back six years.
To see if you have any gaps in your NI record, please follow the attached link:
Check your National Insurance record – GOV.UK (www.gov.uk)
If you need to make up any gaps, you will need to pay Class 3 National Insurance which costs £17.45 for every week required and £907.40 for a full year.
To make payments to fill any gaps you may have, please follow the attached link:
Pay voluntary Class 3 National Insurance: Overview – GOV.UK (www.gov.uk)
If you have any questions on concerns regarding the new State Pension, contact our Financial Services team on 01228 711881.
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