The BBC Sounds podcast host has urged state pensioners under age 73, so born after 1952, to act.
Martin Lewis says state pensioners can all “tens of thousands” to their payments from the Department for Work and Pensions. The BBC Sounds podcast host has urged state pensioners under age 73, so born after 1951, to act.
Discussing filling National Insurance gaps, the BBC star said: “These can add literally tens of thousands of pounds to the amount you will get in your state pension. It is the most lucrative subject I’ll talk about and is a must listen for anyone between the ages of 40 and 73.
“It is going to be complex…but it’s absolutely worth it.” The ITV star added: “This is important to understand this is all about the new state pension which started in April 2016. That means it applies to any men born after April 5, 1951, so maximum age would be 73 currently, and any women born after April 5, 1953, so the maximum age is 71.
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“When the new state pension was launched in 2016, there were transitional arrangements put in place that allowed you to buy back any missing years to 2006. They were due to end in April 2023, but because a certain person went everywhere telling everyone to check if they were missing certain years at the time, it busted the system, not enough people could do it in time and yes I was to blame.”
Martin added: “13 years of National Insurance is disappearing, that’s why this is so crucial. 13 years can be equal if you have a typical life expectancy to about £100,000 if you were missing them, hence the importance of the urgency of this deadline.”
Martin added: “For those who have to pay £800 for a full year, you get £330 a year extra pension if it makes the maximum difference. Therefore the break-even point is two and a half years of state pension which the vast majority of people will get.”
You can usually only pay voluntary contributions for the past 6 years. The deadline is 5 April each year. For example, you have until 5 April 2030 to make up for gaps for the tax year 2023 to 2024.
You have until 5 April 2025 to pay for gaps in your National Insurance record that were more than 6 years ago. If you’re a man born after 5 April 1951 or a woman born after 5 April 1953, then you can pay voluntary contributions to fill gaps between 2006 and 2018.
If you were born before these dates, you can fill gaps between 2016 and 2018.
After 5 April 2025, everyone will only be able to pay for voluntary contributions for the past 6 years.