Martin Lewis urged people aged between 40 and 73 to check their National Insurance record before the April 5 cut-off, warning that failure to do so could result in missing out on boosting their state pension by over £10,000, according to reports. Those born before the specified dates are on the old State Pension, so the opportunity does not apply to them.
In the UK, you need at least 10 qualifying years on your National Insurance record to receive any new State Pension. A qualifying year can be achieved by working and making National Insurance contributions, or through other means such as receiving NI credits for unemployment, illness, being a parent or carer, living or working overseas, or paying reduced rate NI as a married woman, according to reports. Paying voluntary National Insurance contributions is an alternative route to securing a qualifying year, according to reports.
That's a really interesting question.
Martin Lewis advised a listener named Holly to check her state pension projection on gov.uk to see if she is predicted to get the full state pension before deciding whether to pay to fill gaps. He said that if you are predicted to get the full state pension, paying to fill gaps is probably overkill because you cannot get more than the full state pension.
Martin Lewis disclosed on his ITV programme that roughly 200,000 people had the 'wrong' individual claiming child benefit, implying they could have missed out on years of National Insurance contributions, according to reports. According to Glasgow Live, a pensioner named Gabriel increased his pension by £32,000 after following Martin Lewis's advice about child benefit claims and National Insurance credits. Gabriel received 11 years of credit, increasing his pension by over £60 a week. According to Glasgow Live, Martin Lewis suggested that the financial gain for Gabriel could be even larger if he lives longer, potentially £60,000 based on typical life expectancy.
The first thing I'd do is I'd go and look at your pension projection. On your pension projection, your state pension projection, which is on gov.uk, are you predicted to be able to... get that you will have the full state pension when you retire, which is a very long time away? If you are, I think this is probably overkill, because it's not like once you get to the full state pension, you earn more NI years, you get even bigger than the full state pension. It doesn't work like that.
The full new State Pension is £230.25 per week in 2025/26, according to reports.
Pls share. If someone hasn't checked this yet and is between the age of 40 and 73. Without exaggeration, it could be worth £10,000s, so check. If you miss it now the door shuts forever on 5 April.
If I live 10 years after pension age, I'll get an extra £32,000. So thank you so much.
Of course, typical life expectancy once you take your pension is double that, so it could be 60 grand.