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Need to know
All you need to know after personal finance expert was asked recently about state pension rules and when it might be worth paying to fill gaps in your National Insurance record
Martin Lewis state pension advice – need to know
- Money-saving expert Martin Lewis has revealed when it’s worth paying to fill gaps in your National Insurance record for state pension purposes.
- Speaking on a BBC podcast recently, Mr Lewis responded to 36-year-old listener Holly who asked whether she should pay to fill two years of gaps to reach the minimum 10 qualifying years needed for any state pension. Lewis advised checking your pension projection on gov.uk first to see if you’re already on track for the full state pension.
- “If you are, I think this is probably overkill, because it’s not like once you get to the full state pension, you earn more NI years, you get even bigger than the full state pension,” he explained.
- However, Lewis identified one key exception where paying for gaps could be worthwhile. “The only time I would make an exception on that is if you could buy these years really, really cheaply,” he said, noting some people have bought partial years for as little as £15.
- While a full year typically costs around £950, Lewis suggested that if you can secure a partial year for “beer money-type costs” of £15-50, it might be worth doing as a safety net. He warned younger people about the risks of paying full price, given potential changes to state pension rules over the next 30-35 years.
- Lewis concluded by advising anyone considering voluntary contributions to check their National Insurance record for gaps and seek government guidance before making decisions. Listen to the full podcast here.
- READ THE FULL STORY: Martin Lewis’ state pension rule and ‘the only time I would make an exception’
