New Forest

16/11/2022

State pension – Will you get the full payment?

In order to obtain the new state pension in full, (introduced April 2016) an individual must ensure they have made 35 years of qualifying National Insurance Contributions (NIC’s). 10 qualifying years are needed to obtain any of the new state pension.

Eligible contributions include; employees who’s salary is above the Class 1 NIC lower earnings limit, Self-employed individuals paying Class 2 NIC’s and those making qualifying Class 3 voluntary NIC payments.

If you are unsure how many qualifying years of contributions have been made, you can check this total by logging into your government gateway account, this may be done on the link below:

https://www.gov.uk/check-national-insurance-record

If there are gaps in your NIC record, you are normally able to go back six years and make Class 3 voluntary payments to help plug the gap. However, for a man born after 5/4/1951 and a woman born after 6/04/1953, more than six years of voluntary contributions may be made.

These individuals are able to make up the NIC gaps between the 2008 and 2016 tax year, provided they make the payments before April 2023. After this, contributions may only be made for the prior six years.

If you would like to know more on this, please contact Joe Wilson on 023 8046 1237.

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