Martin Lewis has warned Brits that, “Time is running out to boost your pension by thousands.”

In a recent appearance on This Morning, the money expert explained that those seeking to add extra cash to their nest egg should move before April 5 ― “But in practice, you’re going to need to do it sooner,” he explained. 

People can “boost their state pension by literally tens of thousands of pounds” by ‘buying back’ any missing national insurance years from 2006 to 2018.

“It’s the most lucrative subject I think I have probably ever covered,” Martin continued, sharing that someone he’d helped got an £83,000 boost to their pension.

What do I need to do?

Most people will need 35 full years of National Insurance (NI) contributions under their belt to qualify for the full state pension. 

But not everyone has enough qualifying years (which can be spent either employed or while on certain benefits) to get access to the full amount.

So, the Government is letting people “buy back” any missing years of NI contributions from between 2006-2018 until 5 April. 

You are also usually able to buy back the last six years of NI contributions, too. Effectively, that means you can buy back NI years from 2006 on ― but any before 2018 are subject to the April 5 deadline.

It can cost money to buy the qualifying years back, but it can really pay off if it transforms the portion of a state pension you’d otherwise qualify into a full pension every week. 

MoneySavingExpert, Martin Lewis’ site, says that many “can spend £824 or less and get £5,500 back.” 

Who is eligible?

You have to be under 73 to do it, Martin shared, adding “it’s most suited to those aged 40-73, but some under-40s can gain, too.”

HMRC has created an online tool to help people work out where they stand if they’re not sure, though Martin says his guide can help if that doesn’t work for you.

You might not be able to use the online tool for everything

The online tool might not work for you if:

• you lived abroad or were self-employed for the years you didn’t make NI contributions
• are a woman who holds a valid Married Women’s Reduced Rate Election certificate
• are having your NI records updated
• are eligible for Home Responsibilities Protection
• are above pension age

However, that does not automatically mean you do not qualify.

Speaking to MoneySavingExpert, an HMRC representative said: “Those unable to use the online tool can apply over the phone. We always prioritise resources as needed to manage spikes in demand on our helplines, particularly for upcoming deadlines.”

That may be part of the reason why Martin is so adamant about applying as soon as possible.