MARTIN Lewis has issued an urgent pension warning, saying many Brits could miss out on the full amount.
The money saving expert shared the advice on his ITV show tonight in a special programme.
ITVMartin Lewis focused on pensions in tonight’s show[/caption]
Anyone aged between 45 and 70 set to receive the new state pension and missing National Insurance contributions (NICs) can plug gaps back to 2006.
But after April 5 you will only be allowed to backdate missing payments by up to six years. So you should fill any gaps before April 5.
You need 35 years’ worth of NICs to get the full pension amount which is currently £185.15 per week.
But you might have gaps in your NICs if you were not earning enough, or were unemployed and not claiming benefits.
Martin said: “Pensions are really important, even when you’re 27.”
He added: “Yes a pension is worth it. Yes it is difficult in a cost of living crisis.”
In order to get a full state pension you, he said you need “35ish” qualifying years of paying NI contributions.
He urged everyone to check “now” to see if they were eligible to get free credits.
Anyone wanting to check can do so via National Insurance Credits on the government’s website gov.uk.
Martin also said that pension credit was a “gateway credit” which allow people access to other benefits.
The new state pension was introduced in April 2016.
You can claim the benefit once you have reached state pension age and if you have at least 10 years National Insurance contributions.
You also have to have been born on or after April 6, 1951, if you are a man and after April 6, 1953, if you are a woman.
If you were born before these dates it means you will get the basic state pension instead.
The full rate of the new state pension is £185.15 per week, but this is set to go up by 10.1% from April to £203.85.
You get NI contributions through earning a salary or if you are raising children or have a disability.