Insights on New State Pension and Upcoming Deadlines

The new state pension, introduced in 2016, requires 35 national insurance years for a full pension, except for individuals who contracted out. People often miss national insurance years due to various reasons like working abroad, low income, career breaks, or not claiming entitled credits. Transitional arrangements to buy missing years will end on 5th April 2025, limiting purchases to the past 6 tax years only. Therefore, individuals should act urgently to buy back years before the deadline. The process can be time-consuming and expensive, costing around 800 pounds per year bought back. Starting early to boost the pension is recommended for those at state pension age. Past deadlines for taking action related to the state pension were extended due to high demand and clogged support services. The speaker played a key role in increasing awareness and inquiries about buying back years, which led to these deadline extensions and the development of online services for certain individuals. Overall, understanding the new state pension rules, identifying missing years, and taking action before the deadline are crucial for optimizing pension benefits.