Martin Lewis warns ‘time is running out’ for major pension boost deadline

Martin Lewis has issued a warning to savers about an upcoming deadline that could add up to £221 a week to their state pension. During Tuesday (March 4) night's episode of The Martin Lewis Money Show Live on ITV1, the financial expert explained that anyone who has worked for over 10 years and earned more than £6,396 a year is eligible for a state pension.

However, the maximum potential value of £221.20 a week isn't automatically given out, but depends on whether you have a full National Insurance (NI) record or not. Employees earning over £6,396 a year receive NI credit at the end of the year, and you need to have worked for at least 10 years to be eligible for a state pension.

Mr Lewis stated on his show: "You get the full state pension at 35 years. It is not 35 years for everyone, it can be a lot more. Once you get to your full contribution amount, then you get the state pension - £221.20 a week."

All citizens under the age of 73 have until April 5 to boost their state pension amounts for retirement, reports the Express. This leaves just a few weeks to top up your pension pot by as much as £50,000, as the deadline to 'buy back' any missing national insurance years from 2006 to 2018 approaches.

'Buying' a year back costs £824, but it could be well worth the investment. Each year filled will result in an extra £328 a year in state pension pre-tax. This means most people will make that £824 back in under three years.

Purchasing missing National Insurance years could significantly boost your retirement income, with potential payouts of £70,000 or more, in addition to your regular pension, if you live an average life expectancy. In some cases, filling a year's gap may only require a small top-up, yet this can increase your yearly retirement income by hundreds of pounds.

Note that those already eligible for the maximum £220.21 amount need not take action. The Department for Work and Pensions has recently introduced a 'request a callback' form on its website, allowing applicants extra time to apply.

This means that even if you can't get through to the Pension Service or Future Pensions Service before the deadline, you may still be able to buy back years if they call you back later. Many people have missing NI years due to low income, not claiming credits correctly, career breaks, or working abroad.

As Martin emphasized, "Getting those back... that is what can be worth tens of thousands of pounds." He stressed that this is an "urgent" matter, given the approaching state pension top-up deadline.

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