Martin Lewis urges people to make simple check that could boost State Pension by £48,000 in retirement
dailyrecord.co.ukMartin Lewis is urging 200,000 people claiming Child Benefit to check they are not missing out on crucial money in retirement simply because they have not filled in a form correctly or made a simple change since their child was born.
On the latest episode of The Martin Lewis Money Show Live, one viewer contacted the consumer champion to share how she had followed his advice on the matter and her husband is now potentially looking at an extra £48,000 during his retirement years.
Martin explained that the National Insurance credits attached to Child Benefit impact the amount of money a person receives in their State Pension.
He told STV viewers: ‘This is about Child Benefit and the State Pension, I have two State Pension warnings for you. “There are 200,000 of you out there who are missing out on thousands or potentially tens of thousands of pounds of State Pension because the wrong partner in your relationship is getting the National Insurance Credits.” The financial guru continued: “Now, you build up National Insurance years, that gives you how much of the full State Pension you get in the end.“Those who are not working or earning under £123 a week, are due National Insurance Credits for childcare, however, for many people in that circumstance it is their partner who is working who does the childcare claim, not them, but the working partner already gets National Insurance Credits because they’re working.“So, you want the non-working partner to be getting the credits, they therefore need to be the one who is claiming Child Benefit.” He then reiterated how “two hundred thousand people” are missing out on a huge pay boost in their later years and said the check is easy to do and the form is available on GOV.UK - it’s form
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