"Check your NICs!" - Martin Lewis shares financial warning for those who have taken time off work to look after children
Martin Lewis advises anyone who has taken time off to look after children to pay attention to the looming pensions deadline
Martin Lewis is a font of financial knowledge, sharing his Money Saving Expert knowledge far and wide, and today is no exception - this time it's pensions.
The Money Saving Expert founder shares a stark warning to anyone aged between 45 and 70 years old that may have taken any time off to work to look after children - check your National Insurance Contributions (NICs).
The pensions deadline is looming and many people are missing years of NICs. This is why it's so urgent. And this warning isn't just for parents, grandparents and carers also need heed this warning and look into it or face losing thousands of pounds they'll never get back.
Mum-of-One, Lucy tells us that her son's nursery closed during lockdown and she lost a lot of freelance work, but as it was lockdown didn't even think that it may impact on her National Insurance Contributions: "I'll be definitely looking into this today, thanks Martin!"
If you think you may have missing years of NICs, there is a way to rectify those gaps, however the final deadline is April 5, 2023. So here's how to do it today;
How to check if you have any National Insurance Contributions gaps
Martin advises people to check if they are missing any NICs on the government’s website this will have their full record.
If there are gaps in earnings, or weren't earning enough to pay national insurance contributions (NIC) this could impact pensions, meaning people could miss out on thousands of pounds. To get the full pension amount, which is currently £185.15 per week, recipients must have 35 years’ worth of NIC.
GoodtoKnow Newsletter
Parenting advice, hot topics, best buys and family finance tips delivered straight to your inbox.
Addressing viewers on his ITV1 Martin Lewis Money Show Live during a Pensions Special he explains how to plug the gaps; "if you're missing any... even paying NICs to 'buy back' missing years could actually give you thousands of pounds back when you come to retire."
This as 'an urgent deadline' with Martin warning; "missing it could cost you thousands of pounds you can never, ever get back." According to the 50-yer old anyone between the ages of 45 and 70 can plug gaps as far back as 2006.
He went on to say; "It's about 6 weeks away and that's not a long time to do something that's so complicated. Until that time, you can plug any gaps back to 2006 in your National Insurance years but after that you can only go back six tax years, to 2016, so there are 11 years that you will lose the ability to buy back so I want you to check now if you're missing any."
Anyone eligible for a state pension must ensure they have filled out any gaps in their NICs before the April 5 deadline.
Related features:
- How much is martin Lewis worth?
- This is why Martin Lew is pleading for energy bill hike to be postponed
- How much will energy bills cost
Video of the Week:
Stephanie has been a journalist since 2008, she is a true dynamo in the world of women's lifestyle and family content. From child development and psychology to delicious recipes, interior inspiration, and fun-packed kids' activities, she covers it all with flair. Whether it's the emotional journey of matrescence, the mental juggling act of being the default parent, or breaking the cycle of parenting patterns, Stephanie knows it inside out backed by her studies in child psychology. Stephanie lives in Kent with her husband and son, Ted. Just keeping on top of school emails/fundraisers/non-uniform days/packed lunches is her second full-time job.
-
Cosatto Wow 3 hands-on review: practical, beautiful and comfortable - wow!
A versatile travel system with a newborn carrycot, upright pushchair seat and a compatible car seat - everything you need in one stylish package
By Heidi Scrimgeour Published
-
14 of the best pushchairs to buy in 2024: buggies and strollers for growing toddlers reviewed
We asked a panel of parents to put the latest pushchairs to the test - here's what they thought
By Heidi Scrimgeour Published
-
Martin Lewis shares little-known tax tip for grandparents who want to 'gift' money to their grandkids - and it could save hundreds
The renowned Money Saving Expert has some more money wisdom to impart
By Charlie Elizabeth Culverhouse Published
-
Martin Lewis shares stark Christmas warning with parents: "It's just one day."
Martin Lewis wants parents to think before getting into debt
By Stephanie Lowe Published
-
Martin Lewis' Amazon Prime price hike advice to save you money
The MoneySaving Expert has shared a loophole for Amazon Prime customers to save up to £16 before price rise.
By Selina Maycock Published
-
Martin Lewis warns consumers about the risk of cancelling their existing energy direct debits
By Kudzai Chibaduki Published
-
Martin Lewis urges Brits to avoid THIS big mistake as energy prices soar
By Kudzai Chibaduki Published
-
Martin Lewis reveals how to get £140 for FREE to put towards energy bills
By Naomi Jamieson Published
-
Martin Lewis issues email scam warning against fraudsters impersonating him ahead of Christmas
By Kudzai Chibaduki Published
-
Money Saving Expert Martin Lewis' advice to millions of customers as Bulb energy goes into 'Special Administration'
By Selina Maycock Published