Martin Lewis is urging everyone to make two checks that could end up being worth thousands of pounds over your lifetime.
Martin returned with his ITV1 Martin Lewis Money Show Live on Tuesday where he took viewers through pensions, child tax credits and National Insurance records.
Here, he advised his legion of frugal fans – whether you have children or not – how you could net more money from your state pension when the time comes.
Firstly, Martin warned that about 200,000 people are missing out on thousands of pounds because the wrong partner in their relationship gets National Insurance credits.
He said: “You build up National Insurance years which gives you how much of the full state pension you get in the end.
“Those who are not working or earning less than £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 a non-working partner to be getting the credits, and they therefore need to be the one who is getting the benefit.”
The Gov.Uk form you need to fill in is called a CF11A.
Martin continued: “Absolutely crucial. Check who gets the child benefit, if you’re not working it should be in your name if you can.”
Martin then worked out how much it could be worth if you net the maximum eight years worth.
He said: “Eight years, each one of those years boosts your pension by £800 a year. So that’s a boost on the final state pension of £2,400 a year.
“If you live for 20 more years, that’s £48,000 extra state pension. This is not a trivial thing that I’m talking about. 48 grand eh?”
Martin also said that others don’t claim child benefit at all because one partner earns over £60,000. But he added that the other person should still claim it, then opt out of the payment, and that will ensure you get the child tax National Insurance Credits.
Martin then concluded that there are ‘children or not, two important checks you should all make’.
He said: “Go to gov.uk and check your National Insurance record to see if you have any missing years.
“And then check your state pension forecast to see if you’re on track to get the full state pension.
“If you’re not entitled to free years in other allocations, you are able to buy back years and for a payment of £800 it could be worth up to £5,000 over your state pension life.”