Martin Lewis's Pension Boost: Don't Miss Out!
Okay, friends, listen up! Martin Lewis is shouting from the rooftops (or, you know, his website) about a seriously easy way to boost your state pension by over £300 a year. And the best part? It doesn’t involve spending a penny! It’s all about claiming credits you might already be entitled to – but there’s a deadline looming, so let’s get this sorted.
Grandparent Childcare Credits: A Pension Booster?
Turns out, if you’ve been looking after grandkids (under 12, or 17 if they have disabilities) since 2011, and you weren't yet claiming your State Pension, you might be sitting on a goldmine. Many grandparents do this without realizing it could impact their pension. This is called Specified Adult Childcare Credit, and it basically transfers National Insurance contributions from the working parent to you – the awesome grandparent caregiver. Even if you're already getting your State Pension, you can still backdate a claim! Each extra National Insurance credit adds roughly £303 a year to the full New State Pension. That's a serious chunk of change!
Checking Your National Insurance Record: Don't Leave Money on the Table
Martin’s also stressing the importance of checking your National Insurance record. Gaps in your record – maybe from career breaks, low earnings, or time spent abroad – can seriously dent your State Pension. It’s a simple check, though – you can do it all online via GOV.UK. They'll even give you a State Pension forecast so you know exactly where you stand. Filling those gaps usually means buying back missing years (around £825 a year), but think of it this way: that could add £5,400 or more to your pension! This is especially worthwhile if you're aged between 40 and 73. Important Note: You have until April 5th, 2025, to claim missing years from 2006 onwards. After that, it's the usual six-year backdating rule.
The April 5th Deadline: Time is Ticking!
Seriously, that April 5th deadline is fast approaching. We’re not talking about a small amount of money here – we’re talking thousands of pounds in extra pension payments over your retirement. Don't let it slip through your fingers! Go to GOV.UK now – check your NI record and state pension forecast. See if you qualify for a boost, whether it’s through free credits or by purchasing missing years. If you need a hand, the Future Pension Centre can give you some advice (0800 731 0175). Don’t delay – your future self will thank you!
