Martin Lewis issues warning to anyone under the age of 73

The consumer champion is urging everyone to do two quick checks

Martin Lewis is encouraging individuals under the age of 73 not to overlook the "most lucrative" chance to increase their State Pension payments by tens of thousands of pounds before a vital deadline next April. The consumer advocate is advising everyone to carry out two quick checks to ensure they are either currently receiving the maximum New State Pension payment of £221.20 per week, or on track to do so.

In the latest edition of the MoneySavingExpert.com (MSE.com) newsletter, the financial expert explained that this is all about filling gaps in your National Insurance (NI) record, by purchasing missing years through HM Revenue and Customs (HMRC). He revealed that for "each £825 or less you pay to buy National Insurance years, many gain £5,400 or more."

Martin added: "It's the MOST LUCRATIVE thing many under age 73 can do, some gain £10,000s. The deadline's half a year away, but the process ain't quick, so start now."

Many people nearing retirement age may not realise that to receive the full New State Pension, they will need around 35 years' worth of National Insurance contributions. This is just an average number of years as some people may have been 'contracted out' and will need more NI contributions to qualify for the full amount, reports the Daily Record.

Martin has advised that qualifying years for the State Pension are typically earned through work, caring for children while receiving Child Benefit, or due to certain benefits from the DWP. However, he cautions that "many are missing past NI years, commonly due to years abroad, low incomes, career breaks or not claiming credits".

Here are two essential checks everyone should carry out – they're quick and could reveal gaps in your State Pension:.

Check 1: Examine your NI record

Incomplete NI years can lower your State Pension amount, as Martin highlighted. Head over to GOV.

UK for a fast review of your National Insurance record and spot any discrepancies.

Check 2: Inspect your State Pension forecast

To understand what you'll receive upon retirement, visit the 'Check your State Pension forecast' section on GOV. UK.

These checks show if you're on course for the full New State Pension – if so, you're set. If not, there may be opportunities to enhance it without cost.

The three main ways to boost State Pension for free are:

• Child Benefit - check for missing NI credit.
• Grandparents providing childcare - Martin explained: “If a family member looked after a child under-12 at any time since 2011, before they were State Pension age (even if they are now) as parents/guardians were working, then the parent can apply to transfer their child care credit to the family member.”
• Carer's Credit - this is a free NI credit for those aged 16 to State Pension age who provide unpaid care

Martin has detailed all the information on MSE.com, but in general:

• At or near State Pension age - Martin says it’s “no-brainer” if you have missing years and can buy the NI credits as the upfront investment will pay for itself during retirement.
• Aged 45 to 60 - Martin said: “Less definite as you may still naturally fill the gaps. The younger you are, the more time you have to earn enough qualifying years before you reach State Pension age.”
• Under 45 - Not usually worth it as you have plenty of time before State Pension age to build up NI years.

Buying missing NI years

Buying a full extra year costs around £825 or less, though partial years will be cheaper. For each year bought, you get 1/35th of a year's State Pension - around £329. This means you effectively earn your money back in around three years, so it can prove very good value. However, it's crucial to check that it is worth your while paying for these credits so always check with DWP before doing so.

Martin explained that the most you will pay for a missing year is £825, but it could boost your retirement income by over £5,400 Before making a decision, get advice as calculating whether to top up can be confusing and ultimately there is no point paying for more years than you need because you won't get that money back.

The best solution is to call the UK Government's Future Pension Centre on 0800 731 0175 to double check how many years you can buy and whether voluntary contributions will add to your State Pension. Those who have already reached retirement age must contact the Pension Service on 0800 731 0469.