The Check your State Pension forecast service, developed jointly by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP), offers an end-to-end digital solution. This user-friendly platform allows individuals to view gaps in their NI record, estimate potential increases in their State Pension, and make voluntary contributions to bridge those gaps.
Important deadline
Accessible via GOV.UK or the HMRC app, the service empowers individuals to take control of their pension planning. Users can select the tax years in which they wish to make voluntary contributions and securely complete their payments online. Upon payment, users receive confirmation that their contribution has been received. Their NI record is also promptly updated.
Eligible individuals have until April 5, 2025, to make voluntary contributions to fill gaps in their NI record for the tax years spanning from April 6, 2006, to April 5, 2018. However, starting from April 6, 2025, individuals will only be able to make voluntary contributions for the previous six tax years, aligning with standard time limits.
Nigel Huddleston, Financial Secretary to the Treasury, emphasised the significance of the new service in providing peace of mind for retirement planning. Meanwhile, Minister for Pensions, Paul Maynard, encouraged everyone to check their State Pension forecast and explore opportunities to enhance their pension awards with a few simple clicks.
Preventing Scams
While the new service offers valuable pension planning benefits, users are urged to remain vigilant against potential scams. HMRC also advises individuals never to share their login details with anyone, including tax agents, and provides comprehensive guidance on recognising and avoiding scams on GOV.UK.
With retirement planning at the forefront, the introduction of the Check your State Pension forecast service represents a significant step towards empowering individuals to make informed decisions about their financial future.
