Martin Lewis shares 'substantial life-changing' pension advice for all people aged 45 to 70

Martin Lewis has provided a 'life-changing' bit of financial advice for millions across the country.

Appearing on the Martin Lewis Show on Tuesday evening (Jue 13), the money-saving expert said this particular episode was a "must watch for 45 to 70-year-olds". He examined pensions and shared how his piece of advice could add up to tens of thousands of pounds to someone's state pension.

Martin first explained what exactly a state pension was, how to get one, and what "missing National Insurance years" was. He explained that a person would need around 35 years of National Insurance Contributions (NICs) in order to receive the new full state pension, however, Martin added that for "some it can be 30 years and others 40".

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If someone doesn't have a full year, this is known as a 'gap'. He also highlighted that people could miss out on their full pension because of their missing National Insurance years - however, there are opportunities to make this up.

He added that the deadline for paying voluntary contributions towards a state pension has been extended. While initially it was supposed to end next month, people can now take advantage of the scheme until April 2025.

"You need to check if you're missing national insurance record to see if you have missing years," Martin said. "If you're missing national insurance years, then you need to check your state pension forecast and whether you can improve your forecast.

"If you have a shortfall, you need to ask whether it is worth buying years - if you're aged 45 to 70, it's actually more for people aged 50 but ive lowered it a little, you should consider whether you need to add on years."

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