Martin Lewis has offered guidance on understanding your state pension entitlement, explaining that you need at least 10 years of National Insurance contributions to receive any state pension. He said: 'That is the minimum. If you have less than 10 years, nothing counts.'
The money-saving expert spoke on his BBC podcast after a listener asked about buying two missing years of contributions. The listener, aged 36, had gaps due to studying and living overseas. Lewis advised her to check her state pension projection on the gov.uk website before deciding.
He noted that purchasing a single National Insurance year typically adds around £360 a year to your state pension. However, he cautioned that if you are already on track for the full state pension, buying extra years is unnecessary as you cannot exceed the maximum.
Lewis also highlighted that the triple lock ensures annual increases, making maxing out your state pension 'completely unbeatable' in returns. But he warned younger people that 'the current system could change' before they retire.
The full new state pension currently stands at £241.30 weekly, requiring 35 years of contributions. The state pension age for the listener will be 68, meaning she could contribute another 32 years, likely exceeding the requirement.
