For this tax year 2023/204 the full amount of state pension is worth £203.85 a week or £10,600.20 a year.
If people are worried they will not receive the full amount, there are a few things they could do to boost their pot.
A man born before April 6, 1951, or a woman born before April 6, 1953, can make a Class 3A voluntary National Insurance contributions to top up their state pension.
How much they pay depends on how much extra money they want to receive from their state pension and how old they are.
People may decide to do this because the extra state pension they expect to receive during their lifetime is greater than the lump sum amount they’ll need to pay now.
The rates for the 2023 to 2024 tax year are:
- £3.45 a week for Class 2
- £17.45 a week for Class 3
If people think they are eligible, they can for the top-up on GOV.UK. Britons have the chance to fill in gaps from 2006, before July 31, 2023. The previous deadline was April 5, 2023, but concerns had been raised that people were struggling to make the payments to HMRC.
As a result, the Government has confirmed that the deadline for filling gaps in 2006 has been extended to the end of July.
According to platform Interactive Investor, some savers could boost their state pension by as much as £60,000 by taking advantage of the back payments.
On their website, PensionBee explains that for every five weeks that someone defers their state pension, the amount they receive will increase by around one percent, totalling 10.4 percent over a year.
If people qualify for the basic state pension and defer it for a year, the amount they’ll receive will increase from £156.20 a week to £172.44 a week (2023/24).
They could qualify for a lump sum payment if they defer for a year or more.
If they qualify for the new state pension and defer it for a year, the amount they’ll receive will increase from £203.85 a week to £215.67 a week (2023/24).
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To get the full basic state pension people will need a total of 30 qualifying years of National Insurance contributions or credits.
Britons can check how many NICs they have by getting a state pension forecast.
If an individual hasn’t paid enough National Insurance, deferring their pension could help them to improve their contribution record.
On their website, PensionBee states that the average amounts returned to widows in the UK came to just over £10,000.
This could make a big difference during the current cost of living crisis.
While the DWP has said it will contact some married women, if someone is a widow or aged over 80, they may still want to check if they are due any money back.
For more information on how to check, people can visit the Government website.
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