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Liverpool Echo
Liverpool Echo
World
Kate Lally

Martin Lewis' urgent warning to avoid missing out on thousands of pounds

Martin Lewis has issued an "urgent" warning on social media as people of a certain age could miss out on thousands of pounds.

The MoneySavingExpert founder has repeatedly said people need to fill out gaps in their National Insurance contributions (NIC) or face losing thousands of pounds on their pensions. On his Money Show Live last month, Martin said anyone between the age of 45 and 70, who will receive the new state pension, can backdate any gaps to 2006.

And on Monday, he took to Twitter to warn followers: "Urgent! Under 5 weeks for millions to boost state pension by £10,000s (some for free)"

READ MORE: Martin Lewis predicts good news for energy bill payers

The tweet also included a video explainer, in which he says: "So if you're aged 45ish to 70, and actually in some cases younger, as I'll explain, an urgent state pension boost is possible.

"As discussed before, the new state pension was introduced on April 6, 2016. So this is for anybody aged under 70ish. To get it, you need 35ish qualifying national insurance years. I say 'ish', because it is complicated. So let's go with 35ish, maybe more, maybe less in some circumstances.

"But many people are missing national insurance years, maybe because you were caring for somebody or caring for a child, or you had years abroad, or you had a low income, or you had a career break.

"Now, this is why it's so urgent. Transitional arrangements were put in place in April 2016, and they end this tax year, that is April 5. It's about six weeks away, and that's not a long time to do something that's quite complicated.

"Until then, 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 2017. So there are 11 years that you will lose on 6 April the ability to buy back."

A follow-up tweet from Martin added: "The helpline now says it may extend the 5 Apr deadline case-by-case. So keep trying, but if you don't get through, note the time, date and how long you were on hold, so you can use it as evidence if you need to ask for an extension".

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