Securing a full state pension is key for millions of older people, and this typically hinges on National Insurance contributions. People usually pay National Insurance (NI) if they are 16 or over and either employed and earning above £242 a week, or self-employed and making a profit of more than £11,908 per year.
This then translates to a state pension, paid out once a person reaches state pension age.
James Jones-Tinsley, self-invested pensions technical specialist at Barnett Waddingham, explained the details to Express.co.uk.
He said: “Currently, the state pension age is 66 for both men and women.
“However, by April 2028, this will have increased to 67.”
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It is worth noting a vital deadline is looming for those who want to fill National Insurance gaps and potentially boost their state pension.
Usually, it is only possible to fill gaps in an NI record up to six years after the year in question.
However, Britons have until April 5, 2023 to go back an extra 10 years in efforts to boost their eventual state pension.
The concession is being made available for this limited time to allow a filling of historical gaps back to 2006/07.
Paying voluntary contributions will not always benefit Britons. As a result, it is vital for individuals to contact the Future Pension Centre before they make any voluntary contributions.
The centre will be able to tell Britons if paying extra will increase their state pension entitlement, and can be contacted on 0800 731 0175.
