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Those considering paying voluntary National Insurance Contributions (NICs) should get their skates on or face a hike in the cost of making up gaps.

Contribution costs are set to rise from 5 April 2019 with the new tax year.

Those who reach pension age after 5 April 2016, who come under the new state pension system can fill gaps in their National Insurance record at these more favourable rates until the end of the tax year.

The price of voluntary NICs will rise sharply in April so those considering doing so may wish to act quickly and could save hundreds of pounds by doing so.

It is however essential to check that filling the gaps will boost your state pension before doing so as complex transitional rules mean that top ups might not actually boost your state pension income.

You can do this by checking your state pension on the government website www.gov.uk/check-state-pension or by speaking to the Future Pension Centre on 0800 731 0175.

If you need assistance do not hesitate to call Chevening Financial on 01959 565187.