[UK] State pension warning for anyone aged 45-70

Martin Lewis, the UK's ‘Money Saving Expert’, has issued a warning to individuals between the ages of 45 and 70 as an important pension deadline approaches, Echo News reports.

Mr Lewis cautioned that people could be missing out on thousands of pounds if they ignore the pending deadline.

Speaking on the Martin Lewis Podcast, the Money Saving Expert warned listeners that they could lose up to £7,500 by failing to check on their pension forecast and establish their position before the upcoming deadline.

Mr Lewis said, “It could leave many thousands of pounds better off, but you need to do it by the end of the tax year, April 5. 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.

"That is why there's an urgency for what I'm about to say.

"This is all about your National Insurance years. The amount that you get in your state pension is about the number of qualifying years that you have.

"You can acquire years by working. Minimum wage and you will get National Insurance credits, or if you're not working there are other ways you can get NI credits for example if you are raising children or have a disability.

"Now to get the full state pension when you retire, on the new state pension, you will need 35 years-ish.

“Some of you when you get to retirement will be missing 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.

"That will tell you when you will get your pension and it will give you a forecast of how much you are likely to get."

Source: Echo News

(Quotes via original reporting)

Martin Lewis, the UK's ‘Money Saving Expert’, has issued a warning to individuals between the ages of 45 and 70 as an important pension deadline approaches, Echo News reports.

Mr Lewis cautioned that people could be missing out on thousands of pounds if they ignore the pending deadline.

Speaking on the Martin Lewis Podcast, the Money Saving Expert warned listeners that they could lose up to £7,500 by failing to check on their pension forecast and establish their position before the upcoming deadline.

Mr Lewis said, “It could leave many thousands of pounds better off, but you need to do it by the end of the tax year, April 5. 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.

"That is why there's an urgency for what I'm about to say.

"This is all about your National Insurance years. The amount that you get in your state pension is about the number of qualifying years that you have.

"You can acquire years by working. Minimum wage and you will get National Insurance credits, or if you're not working there are other ways you can get NI credits for example if you are raising children or have a disability.

"Now to get the full state pension when you retire, on the new state pension, you will need 35 years-ish.

“Some of you when you get to retirement will be missing 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.

"That will tell you when you will get your pension and it will give you a forecast of how much you are likely to get."

Source: Echo News

(Quotes via original reporting)