News
Too many sole traders are still missing out on their State Pension
25 June 2025
How much State Pension you get depends on your National Insurance (NI) record when you reach the State Pension age.
Gaps in your NI record could affect how much you receive. Unfortunately, too many sole traders are still missing out on the full State Pension due to a range of factors.
Why are National Insurance Contributions important?
A full State Pension requires 35 years of NI contributions or credits.
Missing even a few years can have a significant impact on the amount you receive, leaving you with less financial security in retirement.
Furthermore, if you do not meet the minimum of ten qualifying years, you will not receive a State Pension at all.
Why are sole traders missing out?
Employees usually have their NI contributions paid for them by their employer, but sole traders must pay the contributions themselves.
Unfortunately, many sole traders do not realise that they need to make these payments to qualify for the State Pension.
How do I make National Insurance contributions?
You can make NI contributions as part of your Self-Assessment tax return.
Furthermore, if there are periods when you are out of work, you can use NI credits to cover any shortfalls in your contribution record.
You can also claim NI credits if you are out of work due to childcare responsibilities or illness.
For example, those claiming Child Benefit are eligible to claim NI credits.
You can check your NI record and top up your NI contributions through the Government Gateway.
Prepare for your retirement with a full State Pension
Your NI record plays a key role in determining the value of your State Pension, so it is essential to keep on top of your NI contributions and fill any gaps in your record.
By staying proactive about your NI contributions, you will avoid any nasty surprises when you reach the State Pension age.
If you think you might be missing out on the full State Pension, we can help.
Contact us today for further guidance on making NI contributions and protecting your State Pension.
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