If you are not receiving a full Basic Pension, then paying voluntary NI Contributions (NICs) could help improve your entitlement.
Paying voluntary National Insurance Contributions (NICs) can bring up the number of qualifying years, leading to a higher pension. The State Pension Top-Up Scheme is open until 5 April 2017 for all pensioners who reached State Pension age before the new State Pension was introduced on 6 April 2016. Voluntary Class 3A contributions gives pensioners an option to top up their pension by up to £25 a week in a way that protects them from inflation and offers protection to surviving spouses. You must be entitled to the basic State Pension or additional State Pension before 6 April 2016. You are:
- a man born before 6 April 1951
- a woman born before 6 April 1953
Voluntary Class 3A contributions gives pensioners an option to top up their pension by up to £25 a week. You must pay a lump sum to HMRC to avail of this increase. The lump sum varies according to you age and how much you wish to add to your pension. You can calculate this online.