A savings expert has issued an 'urgent' warning to Brits to check their National Insurance contributions amid a 'ticking £6k time bomb'. Over 27 million workers reportedly pay National Insurance (NI) contributions in the UK which amounts to over £177.7 billion a year.
To qualify for a state pension and guarantee a comfortable retirement, most people will need to accumulate 35 years of NI contributions. This fact has led one savings expert, the co-founder of the online savings platform Raisin UK, to urge people to check their contributions to see if they can boost their State Pension by thousands of pounds. "Whilst many may not think to, it’s important to check your National Insurance record to see if you have any gaps that need filling, " according to the savings expert, Kevin Mountford.
Kevin continued: "Most people will need 35 years of contributions, whilst some may need more to claim the full new State Pension. “Gaps in your National Insurance record could mean you will not have enough years of contributions to claim full State Pension or even qualify for some benefits.” @uktoday_ Here are the UK tax codes explained and how to check your tax code #uknews #uktax #taxcode #uknewsheadlines ♬ original sound - UKToday 🇬🇧 Newsquest 'Check your National Insurance contributions' warning issued The expert warned people of a ‘ticking £6k time bomb’.
From now - until April 2025 - you can pay to plug National Insurance gaps dating back to 2006. However, from Apri.
