Expats risk losing full UK state pensions deadline approaching

Experts urge action for expats at risk of missing out on full state pensions as a key deadline approaches. With only two weeks left until April 5, those living abroad are especially warned to check their National Insurance records. Russell Gous, a money expert, highlights that many expats do not realize they might not have enough qualifying years for a full pension. They may assume they qualify but discover gaps when it’s too late. Filling these gaps is crucial for maximizing retirement income. Expats can make voluntary National Insurance contributions to boost their pension. Investing in these contributions can lead to significant increases in pension payments over time. Currently, purchasing a year of National Insurance costs £907.40, which could add about £328.64 annually to the state pension. The deadline of April 5 is critical for updating records back to 2006. After this date, individuals can only fill gaps for six years. For instance, if someone has worked from 1990 to 2006 and then again from 2015, they will have missed the opportunity to fill the gap from 2006 to 2015 after April 5. If they haven’t made the required contributions and reach retirement age, they will need to find other ways to cover any deficits. Gous stresses the urgency for expats to act now to avoid losing out on their pension benefits for life.