Martin Lewis has said “this is massive” as he shared how you can boost your state pensions by thousands – but you’ll have to be quick. Mr Lewis, 52, told viewers that ‘boosting your state pension’ by buying National Insurance (NI) years back is the most ‘lucrative’ thing many can do with their money.
“After April 5 it reverts,” Martin explained, adding that the rush he’s creating by outlining the issue on live television has “probably crashed the government’s website”. He added: “There are 13 years you are going to lose access to… that is massive because one year is worth about £330 a year on top of your state pension.”
Co host Jeanette Kwayke read out a letter Martin had received on the show. It said: “I wanted to say a big thankyou to you Martin for covering grandparent pension credit. After hearing about this I was able to claim a few missing years whilst looking after my granddaughter.
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“It took eight months to hear back as they’ve got a backlog but I recently got a letter to say I was eligible and this has saved me having to pay a huge £1,600.” Mr Lewis said: “It’s always worth me translating that; assuming that’s two years that you bought then that’s £660 a year on your state pension. If you live for 20 years then you’re talking £13,000, it’s not £600 its £13,000 on your state pension.
“This is just such big money.” People in Britain aged between 40 and 73 have until April to potentially boost their state pension by thousands of pounds. They can do so by checking their National Insurance (NI) records and filling in any gaps going back as far as April 2006.
This will increase their chances of banking enough years of NI payments to qualify for a full state pension when they retire.
