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State Pension Top Up

News Retirement planning

March 13th 2023

Deadline Extended!

Since writing the below, the 5th April 2023 deadline has now been extended to 5th April 2025.

This is due to difficulties people have been experiencing in contacting the Future Pension Centre, who deal with enquiries in this regard. You can find their contact details here: https://www.gov.uk/future-pension-centre

We wanted to bring your attention to the State Pension. Did you know that, if you have any gaps in your National Insurance record, you are able to top up your State Pension? This is available to those under State Pension age (66) and those in receipt of their State Pension, if you are not receiving the full amount.

You need at least 10 qualifying years on your National Insurance (NI) record to get any State Pension, and 35 years to get the full new State Pension (currently £185.15 per week).

If you are missing any years within your NI record you may be able to make voluntary NI contributions, to ‘top up’ your NI, and make up any gaps you may have. This could be due to caring for someone, being abroad, low income or a career break.

Ordinarily, you can ‘top up’ any gap in the previous 6 years, however, until 5th April 2023, you can go as far back as 2006. From 6th April 2023, this ability will be removed, and you will only be able to go as far back as 6th April 2017.

To check whether you have any missing years, first check your State Pension forecast, using this link: https://www.gov.uk/check-state-pension

From there, you will also be able to check your NI record, which will detail any gaps you may have (or go straight to: https://www.gov.uk/check-national-insurance-record)

For some gaps, you may be able to obtain ‘free credits’ for example if you were a carer, had childcare responsibilities or had an illness. Otherwise, you can make a voluntary NI contribution for each year missed. The cost of this will depend on whether a full year was missed, or a partial year – your record will show the detail. Further information can be found here:      https://www.gov.uk/voluntary-national-insurance-contributions

What our clients say

I would like to thank EBS and their staff for providing an excellent service, making the minefield of my various pensions seem like an easy task and for keeping me updated on the progress. I would not hesitate in recommending them to anyone looking for pension advice.

Trust and expertise were my key needs for re-establishing my financial portfolio following a divorce. The replacement life cover and complete evaluation of my pension goals were perfectly designed and implemented to suit my changed circumstances. Well done EBS!

Honest and comprehensive financial advice given with no pressure to buy any products. Reasonable fees for advice and ongoing costs. Very happy with the services given.

Many thanks for taking so much time to meet and discuss our retirement funding plans with us yesterday. The detail of the analysis was very impressive, and you and your staff are to be congratulated on a very professional job.

Our grateful acknowledgements are due for the advice and support proffered by the EBS team and everyone we met at entry, all very courteous, personable and a pleasure to meet.

The ‘Portfolio Report’ that EBS offers has made understanding and managing the family budget so much simpler. It gives a detailed summary and breakdown of our overall financial position, which is so helpful when cross-referencing it.

Thank you for your very comprehensive letter and schedules.... I must reiterate my thanks for all you have done for me.

Many thanks indeed to you and EBS for doing your very best for me. I know I am in safe hands with you. It really is very much appreciated!

I would also like to thank you all for the work in getting this organised for us. I know it has not been easy but I really appreciate it all.

FR, Lanark

JS, Glasgow

IM, Dunbartonshire

RS, Biggar

BW, Skelmorie

MP, Glasgow

BA, Salisbury

MR, Glasgow

NM, Glasgow

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