I boosted my pension by £31k after 30 minute check


A Martin Lewis fan has increased his pension by £31,000 after a simple check – and we explain how you can get extra cash.

A fan named Zoe said she did it by claiming national insurance credit And paying to top up the rest.


A Martin Lewis fan managed to increase his pension to £31,000 after filling a gap in his NI contributioncredit: getty

takes 35 years National Insurance contributions To receive the full amount of state pension and you can pay for the gaps in your records.

These gaps can also be filled by claiming credits – But thousands are missing.

Zoe said she checked her pension and realized she had missed six years of National Insurance payments after reading Martin Lewis’s newsletter last week,

“Found I am entitled to claim National Insurance credit for 4 years and pay for topping up others,” she explained.

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“This means that for about £975 and 30 minutes of my time, I will receive an additional £31,000 in pension payments if I live an average of 20 years after retirement.”

As of April 5, 2023, employees who want to step up their pay can go back up to 16 years earlier, which is especially useful for those nearing the state pension age.

You can see how many years you have made NI payments and view any missing years official website,

However before making a voluntary contribution, you need to get pension forecast And call the Government’s Future Pension Center on 0800 731 0175.

The body can tell you whether it’s worth your while to pay for additional qualifying years, as it may not be beneficial to everyone.

How much will it cost to fill the gap and is it worth it?

Years of earnings are not free, so your voluntary contribution does come at a cost.

This is worth £15.85 per week, which means it costs £824.20 to buy a year’s contribution.

This will add £275 to your state pension every year.

A man who would ordinarily live to be 19 and a woman and a woman who lives 21 more years after reaching state pension age of 66, can expect to receive £5,300 and £5,800, respectively.

Money Saving Expert of Martin Lewis claims that it will take only three years for your pension to get break even.

But of course, there are risks — you’ll waste money if you die before age three, savings experts explained.

Am I eligible to claim the National Insurance Credit for the gap?

The National Insurance Credit is a way to maintain your National Insurance record when you are not making a National Insurance contribution.

They help build up qualifying years over time, which you can use to qualify for a basic state pension and other benefits.

Those most likely to be affected are caregivers, couples and high earners.

you can see A complete list of who is eligible to claim the credit on the government website.

It explains the circumstances where you will need to make a claim and when you will receive it automatically.

You must either apply online or contact your local job center to receive the credit.

Changes in pension were introduced in April And they can affect how much is in your pocket—here are the new rules.

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Meanwhile a grandmother Child benefit lapses cause £800 per year in state pension payments And it can also leave other grandparents missing.

In addition to filling in missed NI payments, we show you other ways Increase your state pension to £700 per year.

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