Martin Lewis and the Money Saving Expert team are warning people that time is running out to boost State Pension pots. MSE has this week highlighted the urgency of performing a simple yet vital check for missing National Insurance contributions dating back to 2006.
Bridging these gaps could potentially add thousands to a retiree’s overall State Pension sum. To receive the full new State Pension, which stands at an appealing £221.20 a week, individuals generally need a minimum of 35 full national insurance years – achieved through means like employment or certain benefits.
Yet, countless people are falling short of this mark. Martin cautioned: “Boosting your State Pension by back-claiming or buying missing National Insurance years is one of the single most lucrative things you can do. Many people have been in touch to say they’re likely to gain £10,000s from it.”
He also voiced concern regarding HM Revenue and Customs (HMRC): “So it’s frustrating that HMRC now says its streamlined online process won’t be available to everyone in time for the likely rush ahead of the 5 April deadline. This is a worry. Huge demand meant phone lines were clogged in the run up to previous deadlines – so much so that the original April 2023 cut-off date was pushed back twice to stop people missing out – and it’s that same deadline that now approaches.”
The financial guru has acknowledged his role in the surge of demand, stating: “Many have blamed / credited me for that huge demand, because I campaign on MSE and on my TV show urging people to check this out. In truth I do that message regularly when there’s no deadline too, but deadlines make it resonate far more strongly.”
He also expressed concerns about future issues, adding: “I am concerned we will have similar issues again – and while I’m glad some people can now do it online as well as call – there are still too many who will be forced to get stuck in phone queues. There may be a need to extend it again without the full online access.”
HM Revenue and Customs (HMRC) has made strides to simplify checking for missing National Insurance contributions by launching an online tool earlier this year. Despite this advancement, HMRC has cautioned that numerous individuals might not gain access to the tool before the April 5, 2025 deadline to address any shortfalls.
Those who cannot use the online service, such as those already over the State Pension age or eligible for Home Responsibilities Protection, are advised to contact HMRC directly. HMRC‘s online tool can be found here. A HMRC spokesperson said: “Those unable to use the online tool can apply over the phone. We always prioritise resources as needed to manage spikes in demand on our helplines, particularly for upcoming deadlines.”
