Martin Lewis says ‘this is big money’ with £13,000 | European Markets

Cash skilled Martin Lewis has revealed a ‘big money’ state pension change which might add £13,000 to your pension in retirement – and prices you nothing.

Martin returned on the latest episode of The Martin Lewis Cash Present Dwell this week on March 4 to inform his viewers in regards to the Nationwide Insurance buy-back deadline, which can go on April 5. However there’s one other approach you may get further money added to your state pension funds in future with out spending any money on shopping for further years, Martin mentioned, with a declare for one sort of benefit. This yr, 13 years of Nationwide Insurance information can be closed to buy-backs from April 5. That is important since you need 35 years of information to qualify for the complete state pension, at present £221.20 per week, and in the event you don’t have a full document, you’ll be able to buy lacking years for roughly £800 per lacking yr so as to add 1000’s back onto your payouts.

However utilizing Grandparents Credit score is a solution to get further Nationwide Insurance years added to your information without cost.

Co host Jeanette Kwayke learn out a letter Martin had acquired on the show. It mentioned: “I wanted to say a big thankyou to you Martin for covering grandparent pension credit.

“After hearing about this I was able to claim a few missing years whilst looking after my granddaughter.

“It took eight months to hear back as they’ve got a backlog but I recently got a letter to say I was eligible and this has saved me having to pay a huge £1,600 [buying missing years of National Insurance] to enable me to get the full state pension.”

Martin then replied: “It’s always worth me translating that; assuming that’s two years that you bought then that’s £660 a year on your state pension. If you live for 20 years then you’re talking £13,000, it’s not £600 its £13,000 on your state pension.

“This is just such big money.”

Grandparents Childcare Credit score works by transferring tax credit that might usually go to a mother or father who’s taking time out of work to look after a youngster to a grandparent who has regarded after the kids as a substitute.

By giving the grandparent a Nationwide Insurance yr for this, it means the grandparent has gained an further yr of NI information for his or her pension calculation at no further value.

Solely childcare you supplied earlier than you reached state pension age counts however you’ll be able to ‘backdate’ your declare all the best way to 2011.

The Martin Lewis Cash Present Dwell remains to be obtainable to watch by way of ITVX.