Maximise your State Pension -Changes to Voluntary NI Contributions

The state pension should be an important part of your retirement planning but there is some important planning you need to do before 31st July 2023 to maximise your income.

Firstly, you need to understand that you only receive a full state pension if you have paid (or received credit for) National Insurance contributions for at least 35 years.

We suggest you start the new tax year by checking your NI record at

If you find that you will not meet the 35 year rule, then you can only fill gaps in your NI record for the last 6 tax years. However, there is a valuable one off extension available until 31st July 2023 to pay voluntary NICs to make up any gaps in your NI record between 6 April 2006 and 5 April 2016.

What are Voluntary National Insurance contributions?

Voluntary NI Contributions allow you to increase the number of years you have a NI record for that therefore increase your state pension if you do not meet the 35 year rule.

By making voluntary NI contributions you in effect buy additional years of UK State Pension.

Voluntary NI contributions for 1 year cost £824 ( £907 if you pay after 31st July 2023)  but they add £275 per year (plus inflationary rises with the triple lock) to your State Pension when you receive. It, therefore takes only 3 years to get your money back!! After that it’s pure profit from your investment.

Finally, before starting to check your record, you will need a Government Gateway user ID and password. If you do not have a user ID, this can be created as you check your record.

If you would like some assistance or advice on your Limited Company contact us today!

If you would like some assistance or advice on how Maximise your State Pension -Changes to Voluntary NI Contributions contact us today!

Please get in touch on 01273 441187 or book a discovery call with one of our expert accountants. 

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Robert Kiyosaki

The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.

Robert Kiyosaki