Enhance State Pension
You have less than a month to enhance your state pension – act now to take full advantage of this valuable opportunity!
What are the changes?
Time is of the essence to boost your state pension. Take action now before the opportunity slips away! Currently, you have the option to check and settle any missing National Insurance (NI) contributions dating back to 2006. However, after 5th April 2025, this option will no longer be possible. Post-deadline, you will only be able to contribute to NI for the previous six years.
Who should consider this and why?
It is never too early to start planning for your future and retirement. If you are looking to potentially boost your state pension significantly, this is worth considering.
Moreover, those concerned about possible gaps in their National Insurance contributions should act before it's too late.
To receive the full state pension, you need 35 full NI years of contributions, making it essential to address any shortfalls. However, while making top-up payments is an option, the decision should be based on your personal situation.
How can I determine if I should proceed with this?
Calculating your state pension, qualifying National Insurance years, and the expenses associated with topping up your state pension can be a complex calculation.
HMRC provides an online tool to check and pay any missing contributions, but they have indicated that many individuals might not be able to access this tool before the deadline. Some may face challenges due to specific circumstances, such as being self-employed or residing abroad. While you can reach out to HMRC, be prepared for potential delays due to high call volumes. Please click on this link to see if you are eligible https://www.gov.uk/check-state-pension.
Alternatively, you can contact the DWP by phone or fill out a call back form online before the deadline. This will still count as you contacting them on time and they will still help even if deadline has passed.
What can Aston Shaw offer you?
Aston Shaw can provide advice and guidance on how to approach your future pension access, taking into account tax implications and timings. We can consider the income tax consequences and offer insights on privately held pensions, ensuring they align with your overall earnings strategy to optimise your tax situation for both income tax and inheritance tax in the future.
Contact Us now
Reach out to us today. Time is of the essence, so please get in touch to find out how we can assist you. Email taxadvisory@astonshaw.co.uk now to speak with one of our expert tax advisors about how we can help.