State Pension

Brits hoping to retire early would need an extra £130,000 in retirement income as the state pension age rises, research suggests.

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The Triple Lock raises State Pension payments by the highest of inflation, average earnings, or 2.5 percent. It offers vital economic security for many people ...

The Triple Lock raises State Pension payments by the highest of inflation, average earnings, or 2.5 percent. Restoring the Triple Lock is a big part of doing that. There is no value more British than our commitment to protect and honour those who built the country we live in.

Money Saving Expert founder and ITV Money Show host Martin Lewis issued an important message to those aged between 45 and 70 amid a deadline.

However, Martin Lewis warned contributors not to solely rely on these examples. The expert said if you're just one week short of a full year you could buy this for as little as £15 to receive the full benefits of your pension. If you are closer to the state pension age, you have less time to decide what to do. Martin Lewis said that if you have gaps in your contribution from 2006 to 2017, you must decide soon if you will plug these. This means that if one of your working years is not counted as a full year of contribution, you will only be allowed to preemptively fill six of these. The time left to plug all of these gaps for some is fast approaching as from April 6 those wanting to get the most from their state pension will only be able to buy back six years.

We can reveal that ten lucky pensioners received an astonishing £30100 annual payout in the 2021/22 tax year - or more than £580 a week.

Anyone on the old state pension could build up entitlement to extra income. This boosts your pension by £275 a year, or £5,500 over 20 years. Many were entitled to an additional earnings-related element of the state pension. Some will receive only a few pounds extra. Under the new system, your state pension rises by 1 per cent for every nine weeks you defer — amounting to 5.8 per cent for every year. Under the new system, it rises by 1 per cent for every nine weeks you defer — adding up to 5.8 per cent for every year. Steve Webb, a former pensions minister and architect of the new state pension, says the deferral system is designed to be a ‘fair deal’ which repays pensioners for the years of state pension they have forgone. At the other end of the scale, around 27,000 pensioners — many of them women — are paid less than £1 a week as they did not build up enough entitlement to the state pension during their working lives. The basic pension, also known as the ‘old’ state pension, pays up to £141.85 a week, or £7,376 a year. Worth the wait: Someone on a basic pension plus Serps of £300 a week would be able to boost their weekly payments to £580 by delaying their start date by nine years to age 74 By contrast, retirees receiving the ‘full’ flat- rate state pension (introduced in April 2016) will get a boost of £972 a year, taking their annual income to a maximum of £10,600. - Deferring when you start your state pension increases the amount you are paid

A WASPI (Women Against State Pension Inequality) generation woman wrote in to the Martin Lewis Money Show to say it was a 'terrible blow' when she realised ...

That was the issue. He called for compensation for women affected by the issue and he had “supported” their efforts. The state pension age for both men and women will increase to 67 between 2026 and 2028. "And what the ombudsman found was that when the government that I was part of raised the pension age a bit further, we wrote to millions of people - and I know because we had a lot of replies." Did you get it wrong?" He said: "It all happened because in 1995 the pension age was extended and it wasn't communicated and then it was extended again and it wasn't communicated.

The Money Saving Expert advised viewers to check their National Insurance and pensions online, apparently causing a rush to the government's portal.

[@MartinSLewis](https://twitter.com/MartinSLewis) looks like . [gov.uk](http://gov.uk/) has cracked already! Fans flooded Twitter saying that they could not check their details on the website and tagged Lewis. [@MartinSLewis](https://twitter.com/MartinSLewis) Is it coincidence you can't get on the govt website now Martin Lewis." This included for people checking their State Pension and National Insurance records. Viewers reported that the HMRC website 'crashed' during the Money saving experts live broadcast.

Most people aged between 45 and 70 are currently able to buy missing National Insurance (NI) contributions going back to 2006. This is important, because you ...

The full new state pension is currently worth £185.15 per week and the State Pension age is 66. NI contributions from the 2006/07 tax year, up to and including 2019/20, will cost you £824.20 for each full year of class 3 NI contributions you buy. For example, you may be entitled to NI credits if you were claiming statutory sick pay and not earning enough for a qualifying year. If you are not yet at state retirement age, go to gov.uk and look up your State Pension summary." He continued: "Some of you when you get to retirement will be missing [National Insurance] years – it might be you were on a low income or working abroad. "For those who hit pension age since then, you have been put on the new State Pension. This is important, because you need 35 years on your NI record to claim the full new state pension. This is because “transitional arrangements” that were brought in when the new State Pension system started are coming to an end. But after April 5, 2023, you’ll only be able to fill gaps going back six tax years – so if you've got many years missing on your record, you don't have long left to do something about it, [Cornwall Live](https://www.cornwalllive.com/news/cost-of-living/martin-lewis-issues-urgent-state-8158360) reports. April 6, 2016, that was the day they introduced the new State Pension. As part of that, transitional arrangements were put in place. He has done so because of a fast-approaching deadline.

MARTIN Lewis returned to our screens tonight with expert pension advice for Brits everywhere.The Money Saving Expert's weekly Money Show Live offered.

If your income is too high to get pension credit, you may still get some savings pension credit, so it's worth checking. Martin Lewis warned Brits that it is important to tell your work where you want your private pension to go should you die. Martin Lewis issued a major pension warning tonight as the deadline for the new state pension nears. Martin Lewis has told EVERYONE to check if their pension forecast is correct. Martin said you should 100% check your pension forecast. Martin Lewis said tonight that even if you are struggling to get by, Brits should stick with their pension payments. Remember to tell your work where you want your money to go Martin Lewis said, even if you are young, you should see if you are eligible. Martin Lewis said it is important to work out how long you expect to live before claiming. They advised to keep your pension as long as you possibly can. [claim for a refund or rebate](https://www.thesun.co.uk/money/5988874/tax-rebate-refund-hmrc/)if you pay too much on a self-assessment tax return, for example, or on a redundancy payment. [while you brush your teeth](https://www.thesun.co.uk/money/17446970/brushing-teeth-wrong-common-mistake-bills/)could add £60 a year to your bills says Octopus.

Martin Lewis is urging every one of a pool of about 100,000 people who have missed out on cash they're eligible for because of a DWP error to get on with ...

"I contacted the DWP and received a back payment of £8,474. There is also an automatic top up for any woman aged over 80 who was paid less than £85 per week on the state pension. The woman, Virginia, wrote into the Martin Lewis Money Show Live and said: "Martin told us that the DWP had made a payment error to retired women whose pension was not 60% of their husband's pension. One woman got as much as £8,474 back after finding out about the DWP error - and Martin is urging his fans to spread the word to anyone they can think of who might be affected and therefore owed the money. The money saving expert put on a pensions special on ITV1 on Tuesday in which he told viewers about a Department of Work and Pensions error that had predominantly affected retired women. Martin Lewis is urging every one of a pool of about 100,000 people who have missed out on cash they're eligible for because of a DWP error to get on with claiming their money back.

Conservative Member of Parliament for East Devon Simon Jupp writes for the Journal.

The Triple Lock raises State Pension payments by the highest of inflation, average earnings, or 2.5 percent. Restoring the Triple Lock is a big part of doing that. There is no value more British than our commitment to protect and honour those who built the country we live in.

Conservative Member of Parliament for East Devon Simon Jupp writes for the Journal.

The Money Saving Expert shared the warning on the latest episode of his ITV show and said that many could miss out on thousands of pounds by not checking ...

He said: "If you do this, it might diminish the amount of pension credit you're entitled to. You can do that on the Government's website. If you do have a shortfall, you are able to buy more years and Martin noted that if you have gaps from 2006 to 2016 you will need to decide what you want to do soon as the "window is closing". Now, this is why it's so urgent." The Money Saving Expert also noted that those who are younger have more times to plug the gaps by working and someone who is closer to the state pension age they are able to work out how much they need to top up. "So there are 11 years that you will lose on April 6 the ability to buy back.

More than 230000 women could be owed up to £6000 in backdated pension. On his ITV show, Martin Lewis explained how married women and widows could find out ...

A reply should then tell you if you have any exit fees to pay to leave your supplier. Please be aware that the Pension Service is working through these historic cases so may not be able to give you any information at this time. Or you will find other contact details on the Pension Service website. I’m glad to hear this worked at home. Replying to Carole, Martin said: 'Wow, that's very good... 'I contacted the DWP and received a back payment amount of £8,474. You can either: You'll need to enter a few details about your and your husband's ages, the dates when you both hit state pension age, and details of how much you're both getting as your basic state pension amounts. More than 230,000 women are thought to have been underpaid their state pension and could be due a payout – with the average amount being more than £6,000 To check if you have been underpaid and are owed, contact the Pension Service and ask about your situation (also do this if you fall under any other categories but want to be sure you will get what you're owed). These followed a reader question to Steve and their probe eventually revealed that more than 230,000 women are thought to have been underpaid their state pension and could be due a payout – with the average amount being more than £6,000. The financial guru, 50, explained that this is for those who are at the age of 70 with an old basic state pension at less 60 per cent of their husbands.

The consumer champion encouraged family and friends to spread the word about claiming Pension Credit.

You can start your application up to four months before you reach State Pension age. The Pension Credit calculator then displays how much benefit you could receive each week. Before this DWP change, a mixed age couple could be eligible to claim the more generous State Pension age benefits when just one of them reached State Pension age. Try the We also have details on the handy You cannot use the calculator if you or your partner: Martin said: “There are 800,000 low income pensioners not getting this vital top-up that can be worth £3,500 per year. [ Pension Credit currently gives 1.4 million people across the UK extra money to help with living costs if they are over State Pension age and on a low income.](https://www.gov.uk/pension-credit) He also confirmed to Martin that if you qualify for Pension Credit now, before the uprating, you will most-likely qualify for it in April after the uprating. [payments increase](https://www.dailyrecord.co.uk/lifestyle/money/state-pension-payments-from-april-29225196) from £185.15 per week to up to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to up to £156.20. “Pension Credit is a top-up to your pension income and my rule of thumb is that if you are single with income of under £200 per week or a couple with income of under £300 per week, check it out.” He said the quickest and easiest way to check eligibility is to use the online Pension Credit calculator on

MARTIN Lewis has revealed the exact amount state pensions payments will rise by within weeks.The Money Saving Expert (MSE) founder explained just how.

This is one of the taxes you pay while working and builds up your entitlement to the state pension. The full state pension is only paid to those with a minimum 35 years of national insurance contributions. "The new state pension - the full amount - is £185 per week that's going up to £204 a week from April." [government tool to find out how many years of contributions you have and how much state pension you're likely to get](https://www.gov.uk/check-state-pension). The state pension is a weekly payment from the government to men and women aged over 66. [coalition government](https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiOiIbawLD7AhW-ZjABHeoIAVQQFnoECA8QAQ&url=https%3A%2F%2Fwww.thesun.co.uk%2Fnews%2F3742623%2Fwhat-coalition-government-how-work%2F&usg=AOvVaw1pDF1qngEs-Q7WTM6_gmfN) in 2010 and sees pension payments increase in line with whichever of the following is highest [move will mean that millions of pensioners will get a rise in their state pension payments](https://www.thesun.co.uk/money/20355763/pensions-benefits-increase-with-inflation-11bn/) of up to £870. "Full state pension is roughly £141 a week and it's all going up - and with inflation being high it's going up quite a lot this year - to £156 a week The triple lock is a calculation used to determine how much the This means that the new state pension rate of £185.15 per week will increase by £18.70. At the start of the show, Martin explained that pensions will go up with inflation at the start of the new tax year in April. [Money Saving Expert](https://www.thesun.co.uk/topic/money-saving-expert/) (MSE) founder explained just how much incomes will go up in the latest episode of the [Martin Lewis](https://www.thesun.co.uk/who/martin-lewis/) Money Show.

'Whole system needs reforming': New call to means test state pension age as Budget looms · State pension age increases could be accelerated, with the change to ...

He said: “The whole system needs to be reformed. But if the Government brings the increase in retirement age forward more quickly, to between 2033 and 2035, anyone born from April 6, 1967, and onwards would have a state pension age of 68. Something needs to change. Under the current plans to raise the state pension between 2044 and 2046, anyone born from April 6, 1978, and onwards would receive their state pension aged 68. Currently, the state pension age in the UK is 66, but this is set to rise. State pension age increases could be accelerated, with the change to 68 coming in as early as 2035, according to reports, affecting those who are 54 and under today.

It is thought hundreds of thousands of women have been underpaid their state pension due to a historic error.

[Express.co.uk](/): “The action we are taking now will correct historical underpayments made by successive Governments. But how much could people actually be due when it comes to underpayments? “It is these people who may have inherited a bit of the state pension from their husband, and this is where the errors have been made.” Women have been urged to take action as they could be due money back as a result of a Department for Work and Pensions (DWP) error, as it relates to the Ms Barrett said: “To cut to the chase here, if you’re a woman watching over 70, and you used to be married, still are married, or widowed - you’re the classic case of someone this could happen to. It is thought hundreds of thousands of women have been underpaid their state pension due to a historic error.

Sally West, policy manager at Age UK, highlighted people's perceptions that the 'goal posts' would be moved in relation to their retirement…

He said: “I felt that there was a limit to how far one could bring forward a pension increase, an age increase, to 68, and I could not in good conscience recommend doing that before 2037-39, which was earlier than the previous policy position of (2044-46), because that had been overtaken by longevity increases, but for all the reasons said… “They all thought state pension age was somewhere in the region of 66 but they didn’t know precisely. She said: “There’s more that could be done to be telling people on a regular basis not just the bad news that the state pension is going up but also confirming…

He boasted it “probably has saved more money than anything else we have done” and went on to tell a meeting of finance ministers from major economies on 9 May ...

And in the next Parliament, the rise in state pension age to 67 will be phased in from May 2026 for 60s babies. If that number have to wait an extra 12 months for their state pension that will reduce the bill by more than £7bn a year. Many of them are long-term sick and even fit people in their mid-sixties may not be able to do the jobs that European twentysomethings flocked over here to fill. Half a generation of women who had expected to get their state pension at 60 – as women had since 1940 – found at short notice they Many of these Women Against State Pension Increases said the first they knew about state pension age rising from 60 to 65 was when the Government wrote to them in 2012 to say their pension age would now be 66. He boasted it “probably has saved more money than anything else we have done” and went on to tell a meeting of finance ministers from major economies on 9 May 2013 that “I found it actually one of the less [controversial things we have done”.](https://inews.co.uk/inews-lifestyle/money/bills/paul-lewis-no-one-homes-broken-into-again-energy-suppliers-2137546?ico=in-line_link)

The Money Saving Expert founder said that those who don't check their National Insurance in time could miss out on thousands of pounds on his ITV show. The ...

He said: "If you do this, it might diminish the amount of pension credit you're entitled to. Martin added: "A full voluntary national insurance should cost around £800 and adds £275 years to your state pensions. You can do that on the Government's website." He said: "Maybe because you were caring for somebody or caring for a child or you had years abroad or you had a low income or you had a career break. Usually, you need to have 10 years worth to get any state pension at all. "So there are 11 years that you will lose on April 6 the ability to buy back.

Martin Lewis previously urged viewers of his ITV show aged 45 to 70 to 'check ASAP' if they could boost their state pension.

Martin Lewis Money Show viewers last night heard the story of a woman who paid in just £1,000 to top up her state pension with voluntary National Insurance contributions but is now set to receive more than ten times this figure via future state pension payments. State pension payments are increasing by 10.1 percent in April, with the full basic state pension increasing to £156.20 a week and the full new state pension going up to £203.85 a week. [Pension Credit](/latest/pension-credit) is also increasing by 10.1 percent in April, with the weekly top up for singles increasing to £201.05 a week while the couples top up will increase to £306.85 a week. The tool will also tell a person if they can voluntarily top up their contributions to go towards their state pension. [HMRC warning as new email ‘reported 200 times’ in a week](/finance/personalfinance/1737836/HMRC-scam-warning-tax-refund-rebate-email) [INSIGHT] [TSB announces full list of 2023 bank closures](/finance/personalfinance/1736546/TSB-bank-branch-closures-full-list-closing-online-banking-2023) [LATEST] [Pension warning as Britons ‘need £37,300’ for ‘comfortable’ retirement](/finance/personalfinance/1736723/pension-warning-comfortable-retirement-living-standards-UK) [ANALYSIS] [Mr Lewis](/latest/martin-lewis) encourages those aged 45 to 70 to check if they can top up their state pension as this can boost payments over several years, providing a return on the payment. There was another £800 they could pay to top up to the full contributions for the third year but this would only result in a 34p a week increase in payments, so they decided not to do this.

John Cridland told the parliamentary Work and Pensions Committee that the triple lock manifesto pledge should not be considered "sacrosanct" if the government ...

Giving evidence to MPs, John Cridland - who conducted a review for the government in 2017 - said he feared too many people would not live long enough to ...

Work and Pensions Secretary Mel Stride (left) is believed to be arguing for a later date He noted that keeping the triple lock in place for the whole 50-year time horizon would cost an extra 0.9 per cent of GDP.' That mechanism means the state pension goes up by the highest out of That would suggest that the schedule should actually be slowed down, rather than brought forward to 2035. He pointed to stark differences in life expectancy between areas and occupations. 'But we are left with the affordability question…

You can only plug gaps in your National Insurance record going back to 2006 until April 5, 2023.

While there are certain stipulations for each scenario, NI credits can often be automatically applied, so it is always wise to put in a manual claim if they are not on your record. - If you have gaps between the 2006/07 and the 2016/2017 tax years, these will no longer be available to buy back after midnight on April 5, so prioritise them first. Whether you need to pay up depends on factors such as how many more years you plan to work. The danger of gaps is that you don’t accrue enough qualifying years to receive a full State Pension. For them, it would be taking a real risk to buy now unless they are sure they won't make them up later, for example, because they live overseas. Those who have already reached retirement age must contact the Pension Service on 0800 731 0469. However, people pay different rates depending on their situation. To qualify for Class 2 NI contributions, you will need to prove you lived in the UK for at least three years in a row or paid NI contributions for at least three years before you left the UK and give the names and addresses of the employers you worked for during your time overseas. He highlighted how a year can be marked as ‘not full’ even if it is short by just one week. People will only be able to Your State Pension Summary will clearly state how many years of contributions you already have, how many you have left to contribute before you retire and the number of years in which you did not contribute enough. He said: “This is why it’s so urgent.

In a nutshell, when you pay money into your pension plan, your payment gets topped up by the government. So the amount you would have paid in income tax on a ...

[contact the Future Pension Centre](https://www.gov.uk/future-pension-centre) to find out if you’ll benefit from voluntary contributions. So it’s well worth checking to see if you could benefit by making a payment by the end of this tax year. The most recent news is that the biggest ever increase to the State Pension is coming in the 2023/24 tax year. You start the new tax year with a new allowance, so it’s worth making the most of it as much as you can each tax year. The increase means that those qualifying for a full new State Pension will receive £203.85 a week (up from £185.15). These gaps could impact the amount you’ll get from your State Pension, which could potentially translate into missing out on thousands of pounds in retirement. Bringing it back means the State Pension will rise in line with inflation (which was 10.1% in September 2022) in the new tax year. The triple lock is the method used to decide how much the State Pension will increase by. In a nutshell, when you pay money into your pension plan, your payment gets topped up by the government. [auto-enrolment](https://www.standardlife.co.uk/articles/article-page/pension-auto-enrolment-what-to-know), you’re not the only one saving for your future. And when you add on the tax benefits we mentioned earlier – your pension plan easily becomes the most tax-efficient way to save for retirement. And with speculation about more State Pension changes coming in the new tax year and Martin Lewis having hosted a 90-minute pensions special this week – it feels like the word ‘pension’ is on everybody’s lips.