Martin Lewis issues state pension alert to anyone born in these years | Personal Finance | Finance
Consumer champion Martin Lewis warned viewers that a crucial deadline for boosting their state pension by tens of thousands of pounds was approaching.
Speaking on Good Morning Britain, Lewis explained that men under 73 and women under 71 may need to check their National Insurance (NI) record. This is because they will be entitled to the new state pension, which was introduced in 2016 and applies to men and women born after April 5, 1951.
If they have any gaps in their National Insurance record Brits can buy back years but they only have until April 5, 2025, to make an extended backdated claim for National Insurance credits.
Having enough credits can boost a state pension by thousands of pounds, and HMRC is allowing Brits to backdate lost NI years as far back as 2006.
Normally HMRC only lets savers backdate lost NI credits by 6 years so this year’s 5 April deadline is crucial, said Lewis.
Lewis said: “Think of as for each National Insurance year you get a token. If you get the token, you get the token for a full year. It goes into the state pension piggy bank.”
NI credits are a way of protecting your NI record when you are unable to work due to ill health, unemployment, or caring responsibilities. They can help contribute towards your state pension and other benefits.
Lewis “If you’ve got at least 10 years, you’re going to get some state pension. To get the full state pension needs around 35 years, it can be more, that’s just the typical figure. So, if you get 35 years of National Insurance contributions, you get the full state pension currently, £221 a week, but from next week, £230, pounds.”
Lewis said someone who buys NI credits can add £330 a year to their state pension and because the state pension is protected by the triple lock, along with increased life expectancy, it meant savers would be £60,000 better off over 10 years.
How to top up your NI credits
Lewis told viewers they can check their record via the UK Government website.
The Government has now said that those who cannot get through ahead of the deadline can use an online call back request form and the DWP will then contact the person on the phone number given to discuss payment.
The gov.uk website says: “If you submit a request by the 5 April 2025 deadline, you will still be able to pay voluntary national insurance contributions after the deadline has passed.
The DWP said it was encouraging people under state pension age to check whether it is beneficial for them to pay voluntary national insurance contributions by using our online checker.”
