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With changes to retirement and pensions will be brought into force on April 5th, people are being encouraged to look at their retirement plans.

The minimum retirement age will rise from 50 to 55, and there is also a new opportunity for people who haven’t made sufficient National Insurance Contributions (NICs) for a full state pension to top up their NICs and get an additional £100 per year during their retirement.

Anyone aged 50-54 and considering early retirement will need to make a decision before the April 5th deadline, after which the minimum age for retirement will be 55.

From April 5th, women born between 6th April 1938 and 23rd October 1944 and men born between 6th April 1933 and 23rd October 1939 who have had a gap in paying NICs between 1996 and 2002, can top up their contributions with a payment of £351, which will make them eligible for £100 more per year when they have retired.