A government scheme that allows people to pay to fill in gaps in their national insurance record and boost their state pension by thousands of pounds has been extended It comes after the public voiced concern over the previous deadline of 5 April
To ensure customers do not miss out, the Government is extending the 5 April deadline to pay voluntary NI contributions to 31 July this year.Steve Webb, former pensions minister, has been calling for an extension to the deadline.
“People need time to talk through their options with DWP and then make the correct payment to HMRC and this extension to the deadline should give them time to do this. The Government is to be commended for listening to the calls to extend the deadline”.Normally, people need to pay voluntary “class 3” NI contributions to top up their state pension entitlement. It costs £15.85As the state pension is currently £185.15 per week, the Government boost is worth £5.
For these people, although the initial payment would be £8,242 , the annual state pension boost would be around £2,750. In contracted-out schemes, workers and employers paid less in – a “contracted out” rate of NI contributions – and in return the company pension scheme promised to replace part of their state pension.
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