| Around 70,000 people,
mainly women, have until 5 April to boost
their basic state pension and get
backdated payments. People who have
reached, or will reach, state pension age
between April 2008 and April 2011 and do
not receive a full basic state pension,
could increase their pension payments in
the future, and received backdated
payments, if they buy back national
insurance contributions by 5 April.
The offer from the Department of Work
and Pensions allows this group to buy back
up to six years of voluntary contributions
as far back as 1975.
It follows the reduction in April 2010
of the number of qualifying years of
national insurance contributions needed to
receive the full basic state pension from
39 to 30 years for women.
Pensions Minister Steve Webb said: "We
know that many women didn’t benefit from
the reduction in the number of qualifying
years of national insurance contributions
needed to get a full basic state pension
and many have gaps to fill.
"Thousands of people could benefit from
receiving back payments on top of a
pension boost for life that could cover
the upfront costs of buying contributions.
"The chance to take advantage of this
offer will end on 5 April of this year, so
it’s important that people act quickly."
People will still be able to fill gaps
in their national insurance records when
the offer expires but the voluntary
contributions will not be backdated.
LINK:
Pension and retirement planning |
