Martin Lewis has said that the deadline to claim a government pay out of up to £6,100 is fast approaching. He is urging people born between specific dates to submit their claim as soon as possible.
In 2016, the new state pension was introduced and applies to men born after April 5, 1951 and women born after April 5, 1953. People born after these dates could be entitled to claim additional National Insurance years.
If you have any missing years from your record, for reasons such as living abroad or not earning enough in a certain year, you will need to buy them back. You can buy back years as far back as 2006 but you’ll need to do it before April 2025.
While this gives you nearly a year to get this done, the process can be slow and you might have to save up in order to buy the years back. Reclaiming a year will cost a maximum of £824 but you’ll receive £329 back into your state pension per year, putting you ‘in profit’ in under three years.
Martin Lewis estimates that men who live to the average life expectancy could gain £5,400 while the scheme could earn women £6,100, reports the Express.
On his website MoneySavingExpert, he says: “While many have told me it can be a pain in the bum to get to speak to someone on these lines, once they do, most say it’s brilliantly helpful. Such as Tom: ‘A huge THANK YOU about the NI advice and phoning the pensions people. I was missing 9yrs.
“‘I phoned to be told all I needed to buy was 7yrs to qualify me for an extra £40/wk [so £2,000/yr]. If I hadn’t phoned, I’d probably have paid the full £7,500 and lost about £1,800. I’m now looking forward to receiving the full pension.'”
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