The consumer champion shares two simple checks people under 73 can do to boost retirement payments.
Martin Lewis is urging people under the age of 73 not to miss out on the “most lucrative” opportunity to boost their State Pension payments by tens of thousands of pounds before a crucial deadline next April. The consumer champion is urging everyone to do two quick checks to make sure they are either currently receiving the maximum New State Pension payment of £221.20 per week, or on track to do so.
Many people approaching retirement age may not be aware that to receive the full New State Pension, they will need around 35 years’ worth of National Insurance contributions. This is just an average number of years as some people may have been ‘contracted out’ and will need more NI contributions to qualify for the full amount - find out more about this on GOV.UK here.
State Pension News Check 1: Check your NI record Martin explained how missing NI years, or partial years, can bring State Pension payments down. A quick check on GOV.UK will identify any missing years - you can do that here. If you do these two checks and are on track for the full, New State Pension, you don’t need to do anything more. If you do have missing years, now you can check if there are ways to boost it for free.If you are unable to claim free NI credits from 2006 to 2018 Martin warns you’ll need to decide before April 5, 2025 whether it’s worth your while buying missing years.
For each year bought you get 1/35th of a year’s State Pension - around £329. This means you effectively earn your money back in around three years, so it can prove very good value.
State Pension Benefits Pensions Retirement DWP HMRC Personal Finance
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