Martin Lewis urges people born between 1951 and 1984 to do one thing to net £5,400 (Image: ITV)
, the founder of and a regular on ITV, has issued an alert to state pensioners born after 1951 about a beneficial strategy that could earn them £5,400. The host of the Sounds podcast clarified: “There is a potentially unbeatable opportunity everyone aged 40 to 73(ish) needs to consider.”
This implies that anyone born between 1951 and 1984 may need to act. You have until 5 April 2025 to purchase back any missing national insurance years from 2006 to 2016.
This could turn out to be extremely lucrative, as some are set to make over £50,000 in boosts to their by following this guide. He also underscored the significance of considering this method even if you’re under 40, suggesting there might still be money to be made. The scheme he points out is based on the concept of ‘buying back’ National Insurance years.
Martin Lewis has explained how those aged over 40 could get a boost to their pensions (Image: Getty)
“Normally you can buy back up to six years, but when the ‘new’ was introduced, transitional arrangements were put in place to let you plug gaps all the way back to 2006. This was due to end on 5 April 2023, and then 31 July 2023, but because so many people were trying, the necessary government phone lines got clogged up (mainly due to Martin shouting from the rooftops about it). So the date has been extended to 5 April 2025.”
Your upon retirement is dependent on the number of full ‘qualifying’ national insurance (NI) years you’ve accumulated.
Mr Lewis stated: “Most collect NI years through working and paying NI, but you can also get them if you’re claiming benefits or caring for others (if you’re not sure what this is about, see how the new works ). In general, you need around 35 full NI years to get the maximum , though some will need a lot more (we’ve seen examples of people needing 44+ years) depending on your age and NI record up to now,” reports .