Shortfalls usually arise through missing years of contributions, e.g. when no minimum contributions are paid during a longer break in employment or trip abroad, but also during the years spent bringing up children. You can make up these missing years of contributions retroactively, but only for the previous five years.
That is why it makes sense to request an individual account statement from your OASI compensation office every four to five years, especially if you change jobs frequently. The statement allows you to check the OASI contributions paid and to make up for any missing years of contributions in good time.
If you have missed this deadline, you can take out voluntary private insurance to close the gap – preferably based on an analysis of your pension situation. The advantage of this is that you can identify any shortfalls in your pension fund benefits at the same time.
Our pension check can reveal the first signs of a potential pension shortfall. Try it out now.