Martin Lewis has warned viewers that they have only “six weeks” to get an urgent state pension boost. The money expert and broadcaster discussed the topic in the latest episode of ITV’s The Martin Lewis Money Show on Tuesday, February 21.
The finance expert explained that transitional arrangements for buying missing National Insurance years between 2006 and 2016 end on April 5. If people have missing years within that period, perhaps because they were not working, they could miss out on claiming the full state pension amount. Buying those years back could qualify you to earn more later on in retirement.
As an example, Martin said you can spend £800 or less plugging a gap in National Insurance payment years that could result in £5,500 later on when you claim state pension. Most people will need about 35 full qualifying years of National Insurance to qualify for the full state pension amount, which is currently £185.15 a week.
Read more: Martin Lewis' urgent advice for pensioners that could earn £3,500 a year
“If you’re aged 45ish to 70, an urgent state pension boost is possible,” Martin began before saying that if they want a boost, people need to act quickly. He added: “Now this is why it’s so urgent, transitional arrangements were put in place in April 2016 and they end this tax year.
"That is April 5. It’s about six weeks away and that is not a long time to do something quite complicated. Until then, you can plug any gaps back to 2006 in your national insurance years."
Martin continued: “Before you go and buy [credits], you must check whether you are due free credits. You can go and check this by the National Insurance Credits section of gov.uk and you may get those years back without having to pay for it."
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