However, not everyone who was contracted out will benefit from buying extra NI years, advises Tom Selby, head of retirement policy at the investment platform AJ Bell. If you are not entitled to the full state pension as a result of being contracted out, you can “buy” extra NI years to make up the gap. If you have contracted out, a deduction will be made to your state pension entitlement. ![]() State pension top-up scheme deadline extended to July, boosting pension pots by thousands 07 March, 2023 How to avoid going broke in retirement, by former pensions minister Steve Webb 04 March, 2023 The Government delay of the Pensions Dashboard may well cost you tens of thousands of pounds 03 March, 2023Ĭontracting out no longer exists as an option – it meant you paid lower NI and in return did not receive entitlement to the state second pension (The state pension used to be made up of two parts: the basic part and the state second pension, which was previously called Serps.)
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