Martin Lewis has issued an urgent warning to people who may not realise an important “deadline is looming”
which could affect how much State Pension you will receive from the Department for Work and Pensions in retirement. People will only be able to plug gaps in their National Insurance record going back as far as 2006 until April 5, after that date, you can only buy missing credits for the last six years.
This will tell you whether your State Pension is on track to be paid at the full rate when you reach retirement age. He said: “If you were a carer, or had childcare responsibilities, or an illness, you can go and check via the National Insurance Credits section of GOV.UK and you may get those years back without having to pay for it.”
The breakeven point of making those contributions is three years after you start claiming your State Pension, so it’s a worthwhile investment for the many years of retirement to come - if you can afford to do so.Step-by-step guide to boosting State Pension payments Here is a five-step guide for men born after April 5, 1951, and women born after April 5, 1953, to help them decide whether it’s worth making up any missed years before they are lost forever.
If you are not at State Pension age, simply check your NI contribution record by logging onto the State Pension forecast calculator, which you can access through your Government Gateway here. Step 2: Assess whether filling any NI gaps makes sense Your State Pension Summary will clearly state how many years of contributions you already have, how many you have left to contribute before you retire and the number of years in which you did not contribute enough.
The best solution is to call the UK Government’s Future Pension Service on 0800 731 0175 to double check how many years you can buy and whether voluntary contributions will add to your State Pension. Those who have already reached retirement age must contact the Pension Service on 0800 731 0469. For someone who was living abroad during their missed year, they need to download and complete HM Revenue and Customs CF83 form and send it to the address on the form.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis urges people of State Pension age to check for £3,500 income top-upThe consumer champion encouraged family and friends to spread the word about claiming Pension Credit.
Read more »
Martin Lewis urges women on old State Pension to check for £6,000 underpaymentMartin Lewis has warned there are “hundreds of thousands” of women over 70 who may have been underpaid State Pension by as much as £6,000
Read more »
Martin Lewis' MoneySavingExpert reveals thousands due tax refund within weeksMARTIN Lewis’ MoneySavingExpert has revealed that thousands of Brits are due a tax refund within weeks. It comes as a tax rebate firm has been shut down by HMRC following an investigation by …
Read more »
Martin Lewis' MoneySavingExpert say thousands of people due tax refundIt comes after a tax agency has been banned from operating on taxpayers' behalf
Read more »
Martin Lewis issues 7 day warning to Asda and Lidl shoppersBoth shops have offers on until February 28 so you need to act quick
Read more »
Martin Lewis says 100,000 could be due up to £6,000 after DWP errorAround 100,000 people across the UK could be entitled to up to £6,000
Read more »