Number making top ups after new state pension rose 85%

Class 3 NICs

clock • 2 min read

The number of people making Class 3 National Insurance Contributions (NICs) rose 85% following the introduction of the new state pension in 2016, data gathered by Quilter has showed revealed.

Class 3 NICs allow individuals to fill gaps in their National Insurance record by making up one or more qualifying years by paying voluntary contributions, which gives them the right to access the full state pension during retirement. After the introduction of the new state pension on 6 April 2016, the number of people making contributions increased to 115,000 in 2016/17 from 62,000 in 2015/16, according to Quilter. A further 115,000 made top-ups the year after until the number of people started to drop. Over the nine years of data available, the overall average contribution was £6...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Andrew Goodwin: It's time for advisers to think differently about innovation

Andrew Goodwin: It's time for advisers to think differently about innovation

'Ours is still a profession that rightly places enormous emphasis on the human touch, relationships and trust'

Andrew Goodwin
clock 04 July 2025 • 4 min read
Altus' Holford urges advisers to reframe concept of advice gap

Altus' Holford urges advisers to reframe concept of advice gap

Traditional models of value, service and delivery are being challenged

Sahar Nazir
clock 04 July 2025 • 2 min read
PA Asks: Do you keep in touch with clients when on holiday?

PA Asks: Do you keep in touch with clients when on holiday?

Plus, targeted support worries and BDMs

Professional Adviser
clock 04 July 2025 • 1 min read