HM Revenue and Customs (HMRC) has recently revealed that over 10,000 payments totalling £12.5 million have been made via a new digital service to enhance people's State Pensions since its inception in April.
Individuals have less than six months remaining to address any gaps in their National Insurance (NI) records dating back to 2006 to optimise their State Pension upon retirement.
Typically, individuals can only make voluntary contributions for the previous six tax years, and after the deadline of April 5 next year, the usual six-tax year limit will be reinstated.
In 2023, the former government extended the deadline for voluntary NI contributions to April 5, 2025 for those impacted by new State Pension transitional arrangements, covering tax years from April 6, 2006 to April 5, 2018.
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