Martin Lewis has issued an “important update” to anyone between the ages of 45 and 70, who could be set to lose out on thousands of pounds.
The Money Saving Expert has warned people they could miss out on up to £7,500 if they miss an upcoming state pension deadline.
The deadline to boost your state pension was originally the end of the current tax year, April 5.
However, in a new update, Martin Lewis has revealed that people will not have until July 31 to claim.
Taking to Twitter, he said: “IMPORTANT UPDATE: The government has now extended the deadline to buy back old years until 31 July (likely after pressure that its phone advice services were cutting off).
IMPORTANT UPDATE: The government has now extended the deadline to buy back old years until 31 July (likely after pressure that its phone advice services were cutting off).
— Martin Lewis (@MartinSLewis) March 7, 2023
If you're age 45 - 70 WATCH THE VIDEO you could be missing many £1,000s if not. https://t.co/8XHzp32x6h
“If you're age 45 - 70 WATCH THE VIDEO you could be missing many £1,000s if not.”
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Speaking previously about the issue on his podcast, Martin Lewis said: “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."
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