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Martin Lewis urges Britons to examine state pension ‘could turn £800 into £5.500’ | Personal Finance | Finance

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MoneySavingExpert founder Martin Lewis is reminding Britons aged 45 to 70 to examine their National Insurance (NI) contributions before April 2023 as they could find a way to spice up their state pension by 1000’s. The expert issued the reminder after a girl named Martine called into BBC Radio 5Live earlier today to thank him after she found she had eight years price of NI contributions missing.

People must earn greater than £123 per week to qualify for NI contributions and typically must accumalate 35 years price to qualify for the total latest state pension.

Some people could also be missing years attributable to raising children, being out of labor or working abroad.

Nonetheless, it’s possible for people to purchase the years they could have missed, which might enable them to qualify for the total rate.

Mr Lewis suggests anyone who hasn’t yet reached state pension age to go to GOV.UK and look up their state pension summary.

On the initial podcast, Mr Lewis told listeners that if it looks like it’d profit them, to contact the Government’s future pension centre and get a bespoke calculation.

Mr Lewis said: “A voluntary National Insurance yr costs about £800, however it adds £275 a yr to your state pension.

“This implies, the break-even point, is should you live just three years after the state pension age.”

Nonetheless, it will be significant to notice voluntary contributions don’t at all times boost the state pension, so it is important to do one’s research beforehand.

People can take heed to The Martin Lewis Podcast on BBC Sounds, here.

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