Many people hope to use the state pension as the foundation of their retirement, but making the simple mistake of assuming how much they will get could derail their plans. Britons have been warned that they must keep track of their National insurance record to avoid disappointment.
PensionBee CEO, Romi Savova, explained how National Insurance (NI) plays a crucial role in Britons’ state pension entitlement.
She said: “The state pension can be used alongside personal and workplace pension savings to finance one’s retirement, but not everyone is entitled to the same amount of financial support from the Government.
“A saver’s eligibility is determined by the amount they have paid in National Insurance contributions, so it’s vital for savers to check their National Insurance record ahead of their desired retirement date.
“Currently, a saver will need to have paid National Insurance contributions for at least 10 years to qualify for the basic state pension of £137.60 per week (2021/22).
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