Martin Lewis Urges Individuals to Boost State Pension Contributions

In a recent address, Martin Lewis, the well-known financial expert and founder of Money Saving Expert, has urged individuals under the age of 73 to consider investing £825 to enhance their state pension benefits. Lewis emphasized that taking this action promptly can lead to significant financial gains over time.

Martin Lewis highlighted in his Money Saving Expert newsletter, “This is your 6-month warning! For each £825 or less you pay to buy National Insurance years, many gain £5,400+, but much closes in April. It’s the MOST LUCRATIVE thing many under age 73 can do, with some gaining tens of thousands.” He further advised, “The process isn’t quick, so check it now.”

According to Lewis, boosting one’s state pension might not seem appealing initially, but it can result in substantial financial rewards. He cited previous successes shared through his newsletter and television show.

A reader named Cheryl shared her positive experience after following Lewis’s advice. She expressed gratitude, saying, “Thank you so much for making the nation aware of the National Insurance buyback. I’d been unaware my 36 years didn’t entitle me to a full State Pension (some had been contracted out).” Cheryl further stated, “I’ve now paid for 7 extra years, which will gain me £40,000 – £50,000 depending on lifespan. A huge thank you.”

In his message, Lewis also warned about impending changes, saying, “Don’t delay. Today you can buy missing years back to 2006, soon it’ll only be to 2019.” He explained that the ‘new’ State Pension framework, implemented in 2016, applies to men born after April 5, 1951, and women born after April 5, 1953, requiring approximately 35 qualifying National Insurance years.

Lewis pointed out that many individuals might miss qualifying years due to time spent abroad, low income, career breaks, or not claiming credits. Transitional arrangements from 2016 allowed for the purchase of these missing years back to 2006, a period extended twice due to high demand and jammed phone lines. The deadline for this opportunity is now extended to April 2025; however, Lewis warns of resumed demand pressure due to non-universal online system accessibility, rendering early action essential.