News
May 2008
Women pensioners – How buying voluntary National Insurance Contributions could boost your State Pension
Some women who have already retired or are approaching retirement could boost their state pension or even be in line for a windfall payment under special terms.
Women who currently have gaps in their National Insurance record for years between April 1996 and April 2002 are entitled to "buy back" the missing years at a special rate. The gaps in National Insurance could be because they were not working during that time or were not earning enough to pay National Insurance. By buying back National Insurance contributions they could increase the rate at which their State Pension is paid.
For women who are already retired and not getting a full Basic State Pension, any improvements in State Pensions are backdated to when they first drew their State Pension (usually 60) and could result in a lump sum payment.
Those affected will need to act quickly as the terms, which allow people to pay for missed National Insurance contributions at a reduced rate, will end in either 2009 or 2010, depending on when they reached State Pension age.
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