The recent Money Saving Expert (MSE) newsletter highlighted the success story of Martin Clark who followed Martin Lewis’ advice on paying for voluntary National Insurance Contributions
One Martin Lewis fan has shared how they turned £2,536 into £21,000 by following his advice.
Martin Lewis’ recent MoneySavingExpert.com newsletter highlighted the success story of Martin Clark, who followed Martin Lewis’ advice on paying for voluntary National Insurance Contributions. By doing this, he has added thousands of pounds to his state pension over the course of his retirement.
Under the current rules, most people need 35 qualifying years on your National Insurance record – some may need to more – to claim the full new state pension. You normally need 10 years to receive anything at all. If you have gaps in your record, you could receive much less than you expected – however, you can purchase National Insurance years or claim free National Insurance credits to plug any holes.
However, the MSE newsletter warned that the “clock was ticking” in regards to being able to top up your state pension. Currently, you can pay to plug National Insurance gaps dating back to 2006 – but from April 2025, you’ll only be able to pay for voluntary contributions for the past six tax years. The MSE founder has spent the last year raising awareness of this deadline and Martin Clark caught wind of it.
Martin Clark then checked his record and discovered he was four years short. He then paid £2,536 to fill the gaps. This payment meant he would get an extra £20.83 a week in state pension which equates to an extra £21,000 over 20 years. Martin shared: “@MartinSLewis You are a star, sir. I asked about my voluntary National Insurance contributions and I was 4 years short. If I pay £2,536 (one year is £63.40), I get an extra £20.83 a week. Over 20 years I’ll get an extra £21,000. Thank you.”
Have you plugged gaps in your National Insurance record to boost your state pension? Let us know: [email protected]
In the newsletter, Martin Lewis added: “While ‘boosting your state pension’ doesn’t sound sexy, it’s the MOST LUCRATIVE THING many can do with their money.”
The MSE newsletter also highlighted that HMRC and the Department for Work and Pensions (DWP) have just released a new online service which will help make the process smoother. The online system also allows you to buy contributions for the years you need them. However, you can’t use the online tool if you’ve already started claiming your state pension or if you’re looking to fill gaps from when you were self-employed or working abroad.
Customers will need to login to the new digital service using their Personal Tax Account login details and those without an online HMRC account can register on GOV.UK.
