Martin Lewis has issued an urgent state pension warning ahead of a fast-approaching deadline.
Pretty much anyone aged between 45 and 70 is currently able to buy missing National Insurance (NI) contributions going back to 2006.
This is important, because you need 35 years on your NI record to claim the full new state pension.
If you have less years than this, your state pension will be smaller - and you need ten years to get anything at all.
But after April 5, 2023, you’ll only be able to fill gaps going back six tax years - so if you've got many years missing on your record, you don't have long left to do something about it.
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This is because “transitional arrangements” that were brought in when the new state pension system started are coming to an end.
Buying back one year of class 3 NI contributions costs roughly £800, but could add up to an extra £275 each year to your state pension.
Speaking on the Martin Lewis Podcast, MoneySavingExpert founder Martin warned: "We need to spread the word on this.
"On April 6, 2016, that was the day they introduced the new state pension. For those who hit pension age since then, you have been put on the new state pension.
“As part of that, transitional arrangements were put in place. Those transitional arrangements end this tax year, they end on April 5 2023."
He continued: "Some of you when you get to retirement will be missing [National Insurance] years - it might be you were on a low income or working abroad.
"Anybody listening right now, do this. If you are not yet at state retirement age, go to gov.uk and look up your state pension summary."
Martin suggested you check if there are any gaps in your NI record by using the Gov.uk state pension forecast calculator.
Before you go buying any NI contributions, you should also see if you're be able to plug your NI gaps for free.
For example, you may be entitled to NI credits if you were claiming statutory sick pay and not earning enough for a qualifying year.
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Those who claim benefits such as Jobseeker's Allowance and Employment and Support Allowance may also qualify for NI credits.
There are more examples of ways you may be eligible for NI credits on the Gov.uk website.
You also need to check if the gains from buying extra years may be reduced if it pushes you into the higher 40% tax bracket.
Contact the free Future Pension Centre on 0800 731 0175 before buying any NI contributions to check if you'd benefit from plugging any gaps in your NI record.
If you're already at state pension age, contact the free Pension Service on 0800 731 0469.
NI contributions from the 2006/07 tax year, up to and including 2019/20, will cost you £824.20 for each full year of class 3 NI contributions you buy.
The rate for the 2020/21 tax year is £795.60, and the rate for 2021/22 is £800.80.
The full new state pension is currently worth £185.15 per week and the state pension age is 66.
You'll claim the new state pension if you were born on or after April 6, 1951, if you are a man and after April 6, 1953, if you are a woman.
If you were born before these dates it means you will get the basic state pension instead.
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