State pension payments are often considered vital to millions of people in retirement. However, they are not a foregone conclusion, and will need to be built up over time.
The payment of the state pension usually rides on National Insurance contributions.
For the new state pension, a person will typically need at least 10 qualifying years on their National Insurance record.
Some 35 years are usually needed for the full sum to be received in retirement.
There are, however, numerous reasons as to why a person might not have a full National Insurance record.
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When working, a qualifying year means a person is employed and earning over £184 per week from one employer.
If they are self-employed, they will need to pay National Insurance contributions.
Gaps in a record do not always prevent a person from receiving the full state pension sum.
However, to check, Britons can request what is known as a state pension forecast.
This can be done via the Government’s official website.
Alternatively, Britons may decide they wish to make voluntary National Insurance contributions.
However, the Government has warned voluntary contributions do not always increase a state pension.
Consequently, individuals are encouraged to contact the Future Pension Centre to see if they will benefit from this action.
People may also wish to seek financial advice before deciding to make voluntary contributions.
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