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Check your State Pension forecast

27 June 2024

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK.

You can now access the enhanced Check Your State Pension forecast service online at this webpage: https://www.gov.uk/check-state-pension.

HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP) have jointly launched this new digital service. They have enhanced it to include a fully end-to-end digital solution.

Most people under State Pension age can use this service to view their pension forecast and identify any gaps in their National Insurance Contributions (NICs) record. This is particularly useful for taxpayers who want to make voluntary NIC contributions to increase their entitlement to benefits, including the State or New State Pension.

HMRC usually allows you to pay voluntary contributions for the past 6 tax years, with a deadline of 5 April each year. However, they are currently offering an opportunity to make up gaps in your NICs for the tax years from April 2006 to April 2017 as part of transitional measures to the new State Pension. They have extended the deadline several times, most recently until 5 April 2025.

The launch of HMRC’s online service aims to speed up this process, as HMRC’s helplines have been struggling to meet the demand for information and processing claims to pay additional NIC contributions.

HMRC has confirmed that they will accept all relevant voluntary NIC payments at the rates applicable in 2022-23 until 5 April 2025.

Regularly checking your State Pension position is worthwhile as it will help to optimise your entitlement. You should also consider what other savings or pensions you might need for a long and comfortable retirement.

In conclusion, the new digital service by HMRC and DWP is a significant step towards making pension management more accessible and efficient for everyone. Take advantage of this service to secure your future.

Source: HM Government Mon, 24 Jun 2024 00:00:00 +0100

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