Buying Back State Pension Years
When we are building a client’s lifetime cash flow plan, we always ask any clients who are under the State Pension age to do a State Pension forecast. This enables us to see whether clients have built up sufficient year’s contributions to be eligible for a full state pension.
If they haven’t and it is unlikely they will work enough years to get the full quota, we look at the feasibility of buying som e additional years.
You can pay voluntary National Insurance contributions to fill gaps in your record and increase your State Pension. You can check your National Insurance record to see if there are any gaps.
There is an important deadline of April 2025 coming up as detailed below meaning that for some, immediate action could be wise.
In most (but not all) cases, it is worth buying back any missing years - especially if they are partly funded years to maximise entitlement to the full state pension.
Steps to consider ........
Eligibility and deadlines .........
How to check your record.........
Due to the number of years you can ‘gap fill’ changing, some people may need to take quick action before April 2025.
If you would like further information, or would like us to build you a lifetime cashflow please do
get in touch
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