Jobaaj Stories
Boost Your State Pension: Martin Lewis's Urgent Advice
Martin Lewis is urging grandparents and others to act fast to boost their State Pension by over £300 a year! This isn't about spending extra money; it's about claiming credits you may already be entitled to. With deadlines looming, now is the time to check if you can increase your retirement income significantly.
Claiming Specified Adult Childcare Credit
Many grandparents provide childcare, often without realizing it could impact their State Pension. If you cared for grandchildren under 12 (or 17 if disabled) since 2011 while not yet at State Pension age, you could claim Specified Adult Childcare Credit. Even if you're now at State Pension age, you can still backdate your claim! This credit transfers National Insurance (NI) contributions from the working parent to the caregiver, boosting your pension significantly. A single extra NI credit adds approximately £303 annually to the full New State Pension.
Checking Your National Insurance Record
Martin Lewis also highlights the importance of checking your NI record for gaps. These gaps, often resulting from career breaks, low earnings, or time spent abroad, can significantly reduce your State Pension. You can check your NI record and State Pension forecast easily on the GOV.UK website. This forecast will show your potential entitlement and highlight any missing years. While filling these gaps usually involves purchasing missing NI years which costs around £825 per year, it could add £5,400 or more to your State Pension. This is an especially worthwhile option for those aged between 40 and 73. A deadline of April 5th, 2025 exists for claiming missing years from 2006 onwards – after this date the standard six-year backdating rule applies.
Don't Miss the Deadline!
The April 5th deadline to claim missing NI years from 2006 onwards is fast approaching. Don't miss out on potentially thousands of pounds in additional State Pension payments. Take action now! Check your NI record and State Pension forecast on GOV.UK to see if you're eligible for a boost, either through free credits or voluntary contributions. If you need help, contact the Future Pension Centre (0800 731 0175) for advice.
