Financial expert urged people to check before the April 5 cut-off – which could boost their state pension by over £10,000
Martin Lewis has said people can make a simple check to see if they can add money to their state pensions(Image: ITV)
Financial guru Martin Lewis has issued an urgent plea for individuals to verify one vital detail – which could boost their pensions by over £10,000. The money-saving expert advised that anyone aged between 40 and 73 needs to act swiftly, cautioning that failure to do so by 5 April will result in the ‘door shutting forever’.
Previously on X, he stated: “Pls share. If someone hasn’t checked this yet and is between the age of 40 and 73. Without exaggeration, it could be worth £10,000s, so check. If you miss it now the door shuts forever on 5 April.”
A recent update on the Money Saving Expert site indicated that this opportunity applies to men born after 5 April 1951 (currently up to 74 years old) and women born after 5 April 1953 (currently up to 72 years old). Those born earlier are on the old State Pension, so this doesn’t apply, it was clarified.
Last year, Mr Lewis disclosed on his ITV programme that roughly 200,000 people had the ‘wrong’ individual claiming child benefit – implying they could have missed out on years of National Insurance contributions, potentially leading to a diminished state pension.
To be eligible for the full new State Pension (£230.25 per week in 2025/26), an individual typically requires 35 qualifying National Insurance (NI) years. A minimum of 10 years is necessary to receive any state pension, reports the Mirror.
If you have gaps or fewer than 35 years, you can make voluntary contributions to increase the amount. Each year, the number of people who can claim an advance by another year, meaning a 12-month period, which people could have ‘topped up’, disappears.
During the programme, a pensioner shared his impressive success story of enhancing his pension by £32,000 after heeding advice from the financial expert. Viewer Gabriel had discovered a significant error with child benefit claims that had affected his National Insurance credits and, consequently, his pension.
Co-host Jeanette Kwakye relayed Gabriel’s message: “Gabriel’s been in touch. After watching your show about pensions, I realised I have about 14 years of shortfall. I asked for my wife’s child benefit, national insurance credits to be transferred to my name, and I received 11 years of credit increasing my pension by over 60 pounds a week.”
Gabriel commented: “If I live 10 years after pension age, I’ll get an extra £32,000. So thank you so much.”
Mr Lewis then proposed that the financial gain could potentially be even larger if Gabriel lives longer, explaining: ” Of course, typical life expectancy once you take your pension is double that, so it could be 60 grand”.
He also highlighted a broader issue affecting thousands, explaining: “There are, I believe, 200,000 people in the country who had the wrong parent claim child benefit. Because what happens is if you’re working, you get national insurance credits that go towards your pension. And if you’re looking after a child, you also get National Insurance pen credits.
“But if you have one working parent and one non-working parent, and the working parent is the one who claims child benefit, then they’re already getting it from working. So they don’t need it from childcare. And the other one isn’t getting so that transfer will be that he was earning less than the threshold to get national insurance credits. She was earning over it. He should have been claiming he wasn’t so they’ve transferred it. £32,000. 200,000 people in that situation. It’s worth looking at that. That is brilliant.”
Speaking to MSE, Martine revealed: “After listening to Martin’s podcast, I checked my NI contributions and found I had eight years missing! I’ve now paid six years and will pay the next two years when possible. This has made a difference of about £49 a week, which is considerable! I’d never have known without the podcast! Thank you.”
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Claiming Child Benefit allows someone who has ceased employment to care for children to build up national insurance (NI) credits, which are vital for securing the full state pension. If the wrong person, specifically the higher earner, applies for it, the lower earner risks losing out on a significant sum in state pension.
The Money Saving Expert site states: “If you (or your partner) are not working, or earning less than £123 a week, claiming Child Benefit lets you earn NI credits you wouldn’t otherwise have earned. So it’s crucial you apply, even if one partner’s income means you’ll have to pay back some or all of the Child Benefit payment. New Child Benefit claims can currently only be backdated by three months, so apply ASAP.”
HMRC has disclosed that approximately 200,000 parents could be losing out on credits because the partner with the larger income is registered for Child Benefit. You can apply for National Insurance credits if you’re a parent or carer here.
If an individual or their partner is registered for Child Benefit, they can request missing credits from their National Insurance record and transfer credits from a spouse or partner.
The Government has set up a new online service that will show some people how much their State Pension could increase by and the NI years needed to achieve this. People are then be able to pay for these missing years securely online without having to speak to anyone.
For more information on how to claim it back visit MSE here.