State pension warning: 'Time running out' to boost retirement pot - women disproportionately affected by rule change

The number of National Insurance contributions a person can back buy will change to just six


Britons are being urged to check their state pension for missing National Insurance contributions - with a warning women are most likely at risk of losing money.

From April 5, the number of NI contributions a person can buy back will change from 16 qualifying years to just six.

Campaign group Lead5050 has told the public to act now to avoid losing out.

In a post shared online, they warn: "Before April 5, 2023 you can buy back up to 16 qualifying years.

"After April 5, you can only buy back six. This will disproportionately affect women."

It also says how you can check your current state pension status on the’s Check your State Pension forecast page.

Britons must pay national insurance contributions for at least 30 years to be entitled to the full state pension.

It means women, who statistics show are more likely to have taken time out of the workplace to look after children, are most likely to have been impacted.

The group add: “"If you don't have 35 years of National Insurance contributions you WILL NOT QUALIFY FOR A FULL STATE PENSION.

"You can currently buy back missed years, but this is about to change on April 5, 2023."

The post, aimed at 45-70 year olds, says “time is running out” to buy back the qualifying years.

The campaign echoes what finance expert Martin Lewis discussed on his BBC podcast in November last year.

The Money Saving Expert founder said: "If you are aged 45 to 70, you should be checking now whether you are able to boost your state pension. Now, I say age 45 to 70, that's because 45 I think is the youngest it could work with."