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Wales Online
Wales Online
Lifestyle
Sam Barker & Angharad Thomas

Martin Lewis says anyone over 45 can increase their state pension by thousands of pounds with a simple National Insurance check

Martin Lewis urges anyone aged 45 to 70 to find out if they can boost their state pension up to £5,800, but tells them to act quickly as this perk of the scheme ends in April 2023.

On ITV's The Martin Lewis Money Show, he said: "If you're aged 45 to 70 you need to check ASAP if you can boost your state pension." The MoneySavingExpert shared that the top-up is available to those on the new state pension that was brought into place on April 6, 2016. He also explained that the amount of state pension you get depends on how many years you have paid National Insurance (NI).

Martin states that to get the full amount of £185.15 a week you need around 35 years of NI payments. However, if people are missing years of NI, due to being abroad or on low incomes, they won't be eligible for the full new state pension. Martin urged people to check their state pension on the gov.uk website, including their NI record, as it will show if you are missing any NI years.

READ MORE: Martin Lewis shares which bank accounts you can open to get free money

On the show, he explained that until April 2023 people can buy NI years going back to April 2006, but after April 2023 people can only buy NI going back six years. He added: "If you're near state pension age, it's easier to see if it's worth it for you. The younger you are the longer you'll have to plug any gaps."

Buying a year of NI costs around £800, and adds around £275 a year to your state pension. He explained: "If you live three years beyond state pension age, you're quids in. We're talking real money and it's really worth doing, though you will need to have the cash to do it."

Men aged 66 live for another 19 years on average, so each £800 spent could add an extra £5,300 to their state pension. Women aged 66 typically live another 21 years, so each £800 NI year bought adds an additional £5,800.

But Martin urged viewers to be careful and do their own research before committing, saying: "Don't rely solely on what you're hearing me say - always contact the Government Future Pensions Centre to work out what would happen in your case before you pay any money out."

Under the triple lock promise, the state pension will go up next April by the level of inflation in September. Official figures out this month show that September inflation was 10.1%.

If the triple lock guarantee is kept in place, this means the full state pension will rise from £185.15 to £203.85 per week next year. This marks an increase of £18.70 a week - or £972.40 over the year. The basic state pension would increase from £141.85 per week to £156.20 per week under the triple lock - up £14.35 a week or £746.20 over the year.

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