Money-saving expert Martin Lewis has issued a final warning for UK savers to top up their state pension before the 5 April 2025 deadline.
This could help retirees secure up to £50,000 more in pension payments over time.
The deadline allows people under 73 to “buy back” missing National Insurance (NI) years from 2006 to 2018.
Typically, you need 35 full NI years to qualify for the full state pension.
Each missing year costs around £824 but adds £328 per year to your pension, meaning the investment pays for itself in less than three years.
Someone who tops up 8 missing years could spend £6,500 but gain £2,624 extra per year in state pension. Over 20 years, that would be worth £52,480.
Those with gaps in their National Insurance contributions (check via HMRC).
People not set to receive the full state pension (£221.20 per week).
Those close to retirement looking to maximize their pension income.
Visit the HMRC website or contact the Future Pension Centre for guidance. The process is simple but must be completed before 5 April 2025.