If you pay National Insurance you can check your State Pension payment forecast online. This week’s Money Saving Expert newsletter (MSE.com) celebrates financial successes people have had this year simply by following tips, advice or hacks on the consumer website founded by Martin Lewis.
The largest win of 2024 so far has been for one retired couple who managed to boost State Pension payments by thousands of pounds. David contacted Martin and the MSE.com team to share how his wife plugged 10 years’ worth of gaps in her National Insurance (NI) record which has now increased her weekly State Pension payments from £69 per week to £132.
He explained that this has added £3,280 a year on to her payments which could amount to over £60,000 - if she get State Pension payments for 20 years. MSE.com said that temporary rules mean you can buy missing NI years from as far back as 2006, “so anyone aged 40 to 72ish should check now ”.
It’s important to be aware that buying missing NI years will only apply to those claiming, or due to claim the New State Pension - men born after April 5, 1951 and women after April 5, 1953. Many people approaching retirement age may not be aware that to receive the full New State Pension, they will need around 35 years’ worth of NI contributions. This is just an average number of years as some people may have been ‘contracted out’ and will need more NI contributions to qualify for the full amount - find out more about this on GOV.
UK here. .