Martin Lewis issues state pension warning with just weeks left to boost payments by over £10,000
Martin Lewis has issued an urgent warning for those with missing national insurance payments
PA
Money saving expert Martin Lewis is urging people to check if they’re missing years from their national insurance contributions before it's too late.
Anyone under 70 can boost their state pension but it must be done by April 5.
Lewis says those aged 45 to 70 - in some cases younger – can get the payment boost.
The new state pension, which was introduced on April 6, 2016, means anyone aged 70 will need around 35 years of paying national insurance to qualify for the full payment.
Brits are being urged to check their missing national insurance contributions
PA
During his Money Show Live, Lewis explained that the number of years needed to qualify varies.
“To get it, you need 35ish qualifying national insurance years. I say 'ish', because it is just [so] complicated. So let's go with 35ish; maybe more, maybe less in some circumstances,” he said.
"But many people are missing national insurance years – maybe because you were caring for somebody or caring for a child, or you had years abroad, or you had a low income, or you had a career break.
"Now, this is why it's so urgent. Transitional arrangements were put in place in April 2016, and they end this tax year – that is 5 April. It's about six weeks away.
“And that's not a long time to do something that's quite complicated.
"Until then, you can plug any gaps back to 2006 in your national insurance years. But after that, you can only go back six tax years to 2017. So there are 11 years that you will lose (on 6 April) the ability to buy back."
The finance expert said that those under state pension age who want to check missing national insurance years can do this via the Gov.uk website.
He said: “Go and check your state pension summary. You do it on Gov.uk
“Just put 'state pension summary gov.uk' into a search engine. You put your details in and it will tell you whether your pension is forecast to be at the full state pension level.
"The next thing everybody should do, even if you're already at state pension age, is go and check your national insurance record on Gov.uk. And what you're looking for is a year that is not full or you haven't contributed since 2006."
Lewis also warned that before buying national insurance credits, people should check whether they are due free credits from childcare responsibilities or an illness.
Brits could see more than £10,000 in state pension boosts
Pexels
This can be checked on the National Insurance credits section on the Gov.uk website.
Lewis’ co-presenter Angellica Bel saidl: "Now Martin, while you're on this subject, I have a success for you from GJ: 'After watching your programme, I claimed for specified adult childcare credits as I was not going to receive a full state pension.
“Success. Instead of getting £171 a week state pension, I now get the full state pension of £185.15'."
Lewis added: "So let's just think about that. That's £700 a year, every year, maybe for 20 years.
“And it goes up with inflation. It is very well worth doing. That could be nearly £20,000 there that we're talking about.”