Brits have been urged to check their National Insurance records to ensure they have enough contributions to get a full state pension when they retire
UK residents are being alerted to a potential loss of up to £6,000 in retirement funds due to a "ticking time bomb" if they fail to check their National Insurance records soon.
Currently, the full new state pension, applicable to those who reached state pension age before April 6, 2016, stands at £221.20 weekly. Without the requisite 35 years of National Insurance Contributions , the pension amount decreases, and a minimum of 10 years is needed to qualify for any pension. "Putting in a full-year class three contribution at £824 could make you £328 per year towards your pre-tax pension - that could add up to over £6,000 before you retire."
If you find gaps in your record, you have two choices: either make voluntary National Insurance payments or claim National Insurance Credits for those missing years. The Department for Work and Pensions has recently introduced a new online tool that enables you to purchase missing National Insurance years on your record. The current cost to top-up a missed qualifying year is £824.
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