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00:00Tonight, how to check if you can boost your future or current state pension by possibly
00:18tens of thousands of pounds. There's an urgent deadline just one month away.
00:25After which, many people are going to lose the opportunity and this is an opportunity you can't afford to miss.
00:34That actually makes a difference of £89,000. And when you say it like that, you think, wow.
00:43This is all about whether you have missing national insurance years and it's a must watch
00:53for anybody who's aged between 40 and 73. But even some under 40 can benefit.
00:59This is probably the most lucrative subject I'll do this year.
01:02So I'm going to take my time and go through it step by step.
01:05You may hear I lost my voice yesterday. It's almost back, but I'm going to try and protect that too.
01:09Plus, in my news, you can use a warning for everyone who's booked a trip abroad this summer.
01:14An update on the energy price cap rise, including a no-risk fix.
01:19How to shift your credit card debt to a guaranteed 32-month interest-free.
01:24How to get five cinema tickets for just £22.
01:27And a totally free Whopper of Burger King.
01:30Now, to our very own Whopper. Actually, that doesn't work, does it?
01:33I'm just going to say hello, Jeanette Quachy.
01:35Hello.
01:39To be fair, Whopper, it just depends in what context when you're calling me a Whopper,
01:43but please do send in your questions on X, Blue Sky or Instagram using the hashtag MartinLewis
01:48or email the team martinlewis at itv.com.
01:51If we don't use your question tonight, we may use it in a future show.
01:54And depending on how things go, because you never know with Martin,
01:58we might have time for an open question section later in the show, so do get in touch.
02:02And a huge welcome to our studio audience.
02:04Please do wave your wallets, everybody.
02:09OK, so Martin, before we get into today's show,
02:13we had this come in after your energy show last week.
02:15It's coming from Lynn.
02:16Now, Lynn says,
02:17I changed my tariff from a flexible to fixed tariff while you were on air last week.
02:21I'm a pensioner and I found it quite easy to do,
02:24but wouldn't have done it had I not been watching your programme.
02:27Oh, it's good for you.
02:30So, look, I'm going to talk more about this in the news you can use,
02:32but the energy price cap we know is going up 6.4% in April.
02:35On current predictions, and they can change,
02:37it looks like it's an absolute no-brainer to get off the pants cap
02:40and to get yourself onto a fix.
02:42You can save money instantly,
02:43and you'll certainly save money from April to July.
02:45Yeah, definitely.
02:46And Daz, as well, has been in touch.
02:47And Daz is pretty much quids in.
02:49Just followed your advice and got off the price cap
02:51and instantly saved myself £20 a month, which is great.
02:55And that saving is nothing,
02:57because that's saving compared to the current price cap,
03:00and that price cap is going up by 6.4%.
03:02So absolutely get off the pants cap if you can now.
03:06Yeah, and last week we also covered marriage tax allowance.
03:09This has come in from Jeannie.
03:11Look into this success.
03:12I saw your programme on claiming marriage tax allowance
03:15and thought I'd give it a try.
03:16I filled in the online form,
03:18but I had to send it off through the post
03:19due to claiming for previous years.
03:21This morning we received a cheque for £1,046.
03:24Thank you, Martin and the team.
03:25This will help us a great deal as we're pensioners.
03:27Just be honest.
03:30So that is big money, up to £1,260 people can get.
03:35It is when there is a married or civil partnership couple
03:39where one is a non-taxpayer married to a basic 20% rate taxpayer.
03:43The system's changed.
03:44You can claim this year online, but you can backdate four years,
03:46which you need to do before the 5th of April,
03:47another 5th of April deadline.
03:48Go watch back last week's show
03:49or go do some reading on the marriage tax allowance
03:51if that suits you.
03:52OK, perfect.
03:52We're not going to start with the big briefing just yet.
03:54You've got something to show us, haven't you?
03:56Yeah, look, what I wanted to do
03:57is just to explain how important this is,
03:59I wanted to whet your appetite
04:01to see the scale of the money.
04:04Watch this.
04:06Retired couple Martin and Lorraine live in Coventry
04:09with their bunny, Toffee.
04:10I hadn't got a clue of how to boost the state pension
04:13and, to be honest, I wouldn't have done it
04:15if I hadn't seen the Martin Lewis money show.
04:18If you have a shortfall, you can buy more years.
04:21So if you can't get them free, you can buy them.
04:23Straight after that, I thought,
04:24right, I'm phoning up straight away tomorrow.
04:27With the help of Martin, my Martin,
04:29I phoned up the DWP.
04:32We had to wait for a letter to come from the DWP
04:35showing all the years that were owed
04:38towards getting the full state pension.
04:40Once we got that,
04:41then it was a quick phone call to HMRC.
04:45HMRC said that we could pay for part years
04:47so that they would become full years.
04:49The total for the three part years
04:51came to £1,836.00.
04:54And a few pence.
04:56And we said, like,
04:57we're going to pay the money now in full,
04:59giving her the full state pension.
05:00It's an increase of £17.47,
05:04which doesn't seem a lot,
05:05but over a year, that's £908.00.
05:09And over 10 years, that's over £9,000.
05:11And 20 years, it's over £18,000.
05:14That's a lot of money.
05:15It means a great deal,
05:17especially with the cost of living.
05:18It's really good.
05:19I'm so pleased I've done it.
05:20If you don't watch Martin Lewis money show,
05:23do it.
05:24Thank you to both of them for doing that.
05:29And of course, you are watching the show right now,
05:31but why not get in touch and message friends,
05:32tell them this is very important,
05:33they need to watch it.
05:34Now, just to say,
05:35since they filmed that,
05:36because that was when it was an urgent one two years ago,
05:38and there's a reason we're doing it again now,
05:39I'll explain.
05:40You can now go online.
05:42Many people can go online to make this easier.
05:44And this isn't just for people
05:45who are already claiming the state pension.
05:47It could be 30 years away,
05:49and this still works for you.
05:50It's about your future pension.
05:52And some people may not have to pay at all,
05:54to do this.
05:55Some people can do it for free.
05:57More on all of that coming later,
05:59step by step today.
06:00Perfect.
06:01Just before we get into your big briefing,
06:02we've got a question from Andrew,
06:04who's on our virtual wall.
06:05Good evening, Andrew.
06:06Hi, Andrew.
06:07Hello.
06:09What's your question?
06:09My wife rang the pension department
06:13regarding topping up the state pension,
06:15and unfortunately,
06:16they were not able to help her with her forecast,
06:19and said the current waiting time for a callback
06:21is up to eight weeks.
06:22They said she would still be able to top up,
06:24even though it would be after the 5th April 25 deadline.
06:28Is this your understanding?
06:30Yeah, so my understanding is,
06:31as long as you have logged your call,
06:33you are then on your system,
06:35and you won't be time-barred by the 5th of April.
06:38So, absolutely.
06:39I'm actually going to go through in detail
06:41how to make sure you don't miss the deadline,
06:43even if you can't get in touch with them,
06:44a little bit later in part two of the show.
06:46But, yeah, put your mind at rest.
06:48You've done what you need to do.
06:49There's a couple more things you could do for belt and braces,
06:50but you've done what you need to do
06:52to beat that deadline at the moment.
06:53So, hopefully take a big sigh of relief.
06:57Pleasure.
06:57There we go.
06:58Brilliant.
06:58Thank you, Andrew.
06:59I think now it's time for your big briefing.
07:01OK.
07:04So, I thought long and hard about this,
07:06and I wanted to start with a beginner's guide,
07:08a really simple way so you can understand
07:10how your national insurance impacts the state pension.
07:13So, there's your state pension piggyback there.
07:15Now, conceptually, it isn't really,
07:17but think of national insurance as a token
07:19you can get each year to fill that piggy bank.
07:23There you go.
07:23And the more national insurance years you have,
07:26the more of the state pension that you get.
07:28So, how do you earn national insurance years?
07:31Well, there are three main ways.
07:33You earn it through work,
07:34you earn it through looking after your own children,
07:36or you earn it through certain benefits
07:37or being a carer in certain circumstances.
07:40Let's focus on the big one,
07:41which is work, for now, just to explain it.
07:43So, to get national insurance credits from work for a year,
07:47you need to, as an employee,
07:49currently earn over £6,396 a year.
07:53If you do, you get the token.
07:55If you earn £10 less than that, you get nothing.
07:58This is binary.
07:59You either get it or you don't.
08:00That's what you have to remember.
08:02Now, the first thing to say
08:04is to get any state pension at all,
08:07you need to have 10 years
08:09of national insurance credits going in.
08:12So, once you get over that 10-year mark,
08:14you start to get your state pension.
08:16Pretty good.
08:17You get the full state pension,
08:19let's get those coins rolling in,
08:22at 35 years.
08:24A very, very, very big ish.
08:2635 years ish.
08:27Ish, ish, ish.
08:28So many people get in touch with me and say,
08:30it wasn't 35.
08:30I know it's not 35 years.
08:32Just see that as a way for me to demonstrate
08:34and give you an example of what you would need.
08:36It is not 35 years for everyone.
08:37It can be a lot more.
08:38Once you get to your full contribution amount,
08:42then you get the full state pension,
08:45£221.20p a week.
08:47It doesn't matter.
08:48You cannot get more than that.
08:49That's the maximum full state pension available
08:52under this system,
08:53the new state pension this year.
08:55And that's how the two interlink.
08:57So, what's this all about today?
09:01Many people are missing past national insurance years
09:06due to having a low income or having years abroad
09:09or career breaks or not claiming credits correctly.
09:13Getting those back,
09:15as you've already seen from that video,
09:17that is what can be worth tens of thousands of pounds.
09:20And that's what I'm going to take you through step by step.
09:23OK, we've had this in from Gaynor, just on this.
09:25I'm 57.
09:26I'm 57, still working and paying national insurance,
09:29but I already have way over 35 years
09:32to qualify for state pension.
09:33Why am I still having to pay?
09:35OK, so look, first of all, 35 years-ish,
09:38assuming you've got your full contributions.
09:40I don't know that.
09:40There's no way for me to know.
09:41But let's say that you have.
09:44National insurance has, to simplify, two functions.
09:47One is you earn those credits
09:49to build that mistake pension piggyback
09:50and your entitlement to state support.
09:53But it's also a tax, frankly.
09:55It's just a tax that you're paying each year
09:57to contribute to the exchequer.
09:59And you have to have that duality,
10:00that dual minds in your head.
10:02You've done your state pension amount,
10:05but because it's a tax, you have to pay tax.
10:07It's a tax on working, so you're going to have to pay it.
10:09As simple as that.
10:10There's no rhyme or reason, no explanation,
10:13just that's how it works.
10:14OK.
10:14OK, let me carry on.
10:15Let's start to get into the nitty-gritty of this.
10:18OK, why is this so urgent?
10:20Well, this is all about the new state pension.
10:23Now, that applies to men born after the 5th of April 1951,
10:27so the maximum age there could be is 73,
10:28and women born after the 5th of April 1953,
10:30so the maximum age is 71.
10:32New state pensions started in 2016,
10:34but crucially, they included transitional arrangements.
10:38That meant you could buy missing national insurance years
10:41back to 2006.
10:43That transition ends this tax year,
10:46which is the 5th of April is therefore the last day,
10:48because it's the last day of the tax year.
10:50Now, I need to be straight.
10:51I've got a bit of deja vu here.
10:52You saw me doing a programme earlier,
10:53a clip from February 23.
10:55I did that programme because the deadline
10:57was meant to be February to April 2023.
11:00We took the numbers doing it after that programme
11:02and my work elsewhere, on the interweb, frankly,
11:05from 300 a day to 12,000 a day and bust all their systems.
11:08Because people couldn't get through,
11:10they extended it to July 2023.
11:12So I did another programme warning people again,
11:14and we bust all their systems again,
11:17which means they then extended it
11:19to the 5th of April this year.
11:21I don't think they will extend it again,
11:24which is why we're having questions
11:25about getting in under the deadline.
11:26After the 5th of April,
11:27it reverts back to the normal rules,
11:29which is you can buy back six years' worth.
11:32So let's make this really plain.
11:34Right now, you can buy back any missing years to 2006.
11:38From the 6th of April,
11:39you can only go back to 2019.
11:42So there are 13 years,
11:45which you are going to lose access to.
11:48And if you have missing years in those years,
11:50and you're not going to get your full state pension,
11:52that is absolutely massive,
11:54because each one year is worth about £330 a year
11:58on top of your state pension
12:00if you haven't got the full contribution,
12:01which, if you do that over 20 years,
12:03is, you know, £6,600.
12:04Yeah, so Martin, Sylvia has been in touch with this.
12:06I need a sip to keep my voice going.
12:08Yeah, Sylvia's saying,
12:09I'm a stay-at-home mum, early 50s,
12:11and my youngest will be 18 this August.
12:13Going forward, if I don't return to work,
12:16how will this affect my state pension?
12:18So when you get any state pension forecasts
12:20that I'm coming to in a moment,
12:21that's done predicated that you're going to keep working.
12:24If you know you're not going to keep working,
12:26either because you're having a career break
12:27or perhaps you're moving abroad,
12:29then even if you're predicted to be forecast
12:33to get the full state pension,
12:34you know you probably won't,
12:35which would actually mean if you have any missing years
12:37going back previously,
12:39they're even more important to fill
12:40because you're not going to be filling them in future.
12:43So it will affect your state pension.
12:45You'll be able to see what your maximum number of years is
12:48when we do this next step now.
12:49So let me get straight on with that
12:50if you don't have anything else.
12:51OK, so I have five steps
12:54to show you whether this is worth doing.
12:57I told you I'm going to take it slow.
12:58Let's start with the first two.
13:00Are you missing any national insurance years since 2006?
13:03Easy to check.
13:04Go on to gov.uk,
13:06check their national insurance record
13:07that they have on there.
13:08This is an example.
13:09You'll see a much longer list,
13:10but this is an example.
13:11There you go.
13:12Three full years.
13:13Year is not full.
13:15Now, this is crucial.
13:16Remember I said it's binary.
13:17You either did or you didn't.
13:19But when you click here,
13:21you could find you're only one week short,
13:25which would cost you about 16 quid to buy
13:27if you had to buy it.
13:28So you may have a partial year.
13:29You heard in the first case study
13:30that we had on earlier with Martin
13:32that they were only partial years short.
13:35So that's what you want to be clicking
13:36when you go onto this list.
13:37Then when you have done that,
13:39you need to then check if you're on track
13:41to get the full state pension.
13:42Again, it's gov.uk,
13:44and you check your state pension forecast.
13:47Here's a couple that you may see.
13:49So let's take the first one.
13:50If this is you,
13:51well, recognise that number,
13:55£221.20 a week.
13:58You cannot have more than that.
13:59If you're forecast to get that,
14:01you are forecast to get the full state pension.
14:04So assuming you're going to keep working,
14:06unlike the question that we just had there,
14:08you're on track
14:09and you don't need to fill in any missing years.
14:11However, if you get something like this,
14:15your forecast is £194 a week.
14:17You're not on to get the full state pension
14:20and therefore buying any missing years
14:22could be lucrative for you.
14:24That's the second step you need to check.
14:26Yeah.
14:27Brian, he wants some clarity on this.
14:29Have a look at this, Martin.
14:30Yeah.
14:30Can you clarify for me?
14:32It says on my Gateway account,
14:33I will get £221 a week state pension
14:35on the 5th of April, 2032.
14:38However, I have national insurance gaps
14:40for the last two years.
14:41Do I still need these to pay
14:43to get the full amount?
14:44OK, can we just get rid of that, please?
14:46So, look, what you're saying is
14:49this cheque showed you had missing years,
14:51this cheque said you're doing fine.
14:53That's the winning cheque.
14:54The only thing you have to look at
14:56is how many of your following years,
14:58years to come,
14:59do you have to work
15:00to get the full state pension?
15:01And are you likely to work those?
15:03If you are,
15:03there's no point in buying back missing years.
15:06If you're not,
15:06you might want to think about it.
15:08The only minor thing I would say
15:09is...
15:11He doesn't say.
15:12I mean, if...
15:13If those two years
15:14were just a partial miss
15:16by 20 quid,
15:17I'd probably just do it,
15:19just in case,
15:20even though I'm expected
15:21to get my full state pension.
15:21Hey, 40 quid,
15:22just in case, is worth it.
15:23I mean, it'll probably futile,
15:25but who cares?
15:26So that's where I'd go on that.
15:27OK.
15:27I know that you've got
15:28three more steps to go
15:29tonight on tonight's topic,
15:31and they're all very, very detailed.
15:32Shall we take a bit of a breather, though?
15:33All right, if we're going to do that,
15:34because I know we've got a break
15:35that we have to have,
15:35let me just say,
15:37try doing this over the break.
15:39I suspect I've probably
15:40crashed the government's website,
15:41but if it is available,
15:42do this over the break
15:43so that we can catch up
15:44when we come back.
15:45OK, well,
15:46I think it's time now
15:47for your view.
15:51What is your question tonight, Martin?
15:52I wanted to do something
15:53totally different,
15:54because this is a serious subject
15:55you need to focus on.
15:56So my question for you,
15:58if your plate of food
15:59arrives in a chain restaurant
16:01and by accident
16:02you knock it on the floor
16:03so it's inedible,
16:05would you think the restaurant
16:06should provide
16:07a second serving for free?
16:09I've put a poll on X.
16:10You can tell me,
16:11yes, I'd expect it
16:12or I'd hope,
16:12but I wouldn't expect it
16:13or no.
16:14Hey, I did it.
16:15I should pay for it.
16:16And do let us know
16:17your thoughts
16:17and if it's happened to you,
16:18maybe you're a restaurant owner.
16:19And let's just see here,
16:20who thinks the restaurant,
16:21you'd really expect them
16:22to give you another dish for free?
16:23Hands up.
16:25Well, quite a lot of you
16:26and who says,
16:26no, it's my problem,
16:27I should deal with it?
16:28And a few of you
16:29didn't put your hands up.
16:30Well, we'll see what happens
16:30in the poll.
16:31Do get in touch.
16:32By the way,
16:32one of our producers
16:33was saying earlier,
16:34a child knocked over
16:35an orange juice
16:36and the restaurant
16:38added to the bill,
16:39the next one,
16:39they didn't refund them.
16:40Maybe it's different
16:41with a child.
16:42Let me know that one too.
16:43Jeanette.
16:43Let us know your opinions.
16:44Oh, she's shocked at that,
16:45aren't you?
16:46Terrible.
16:47After the break,
16:48could you get your
16:49national insurance years
16:49back for free?
16:51And if you do have to pay,
16:52how much you could actually gain
16:53and is it worth it?
16:54All coming up
16:55when Martin goes
16:55through the next steps
16:56of the process.
16:57So we'll see you in the poll.
16:58Welcome back.
17:10Tonight,
17:11it's all about
17:12boosting your state pension
17:13by possibly tens of thousands
17:14of pounds
17:15before an urgent deadline.
17:16I predicted it
17:17before the break.
17:18The government websites
17:19to do the checks
17:20went down,
17:20apparently went down
17:21five minutes into the programme.
17:22It's going to struggle.
17:23It's like a denial of service error.
17:25But there'll be time
17:26still to do it.
17:26Keep watching
17:27and learn what you need to do
17:28while you can't get in touch.
17:29Yeah,
17:30some people have made note,
17:31Martin,
17:31you've already crashed
17:31the government website.
17:34Can you question,
17:34well,
17:35I mean,
17:35yeah,
17:35why not?
17:37Just to say,
17:38we do tell them
17:39we're doing the programme
17:40in advance.
17:40We told them the subject,
17:41we give them notice,
17:42but no website
17:43can cope with that much traffic.
17:44We are going to try
17:44and get to as many questions
17:45as possible,
17:45but for now,
17:46let's continue with your big briefing.
17:47OK,
17:47so let's just a quick recap.
17:48I got you to check
17:49your national insurance years
17:50on gov.uk
17:51if you were missing any
17:52and then if you're on track
17:53to get the full state pension.
17:55So what happens next?
17:56Well,
17:57the most important next step
17:59is are you,
17:59if you're missing
18:00national insurance years,
18:01can you plug them for free?
18:02Even if you're on track
18:02for the full state pension,
18:03you may as well do this
18:04because it's safety.
18:05And national insurance credits
18:06and years are normally
18:07automatically added.
18:08There are some
18:09that need to be claimed.
18:10These are the big ones.
18:11The first one,
18:12child benefit.
18:14The act of claiming
18:15child benefit
18:16is what triggers
18:18you getting
18:19national insurance credits
18:20for looking after your child.
18:22Now,
18:22the biggest error
18:23that happens out there
18:24is the working partner
18:26does the claim
18:27administratively
18:28in their own name.
18:29So they are already
18:30getting credits from work,
18:31but now they've just
18:32claimed this credit too
18:33and the non-working partner
18:34isn't getting any.
18:36What you need to do
18:38in that case
18:38is you need to apply
18:40and you can do this
18:40backdated going back
18:42almost a decade
18:43in some circumstances
18:44to simply shift the credit
18:46so that in backdates
18:47goes to the non-working partner.
18:49You understand?
18:50Not the one who is working.
18:51And this can be
18:52very lucrative.
18:53Watch this.
18:53And this was filmed
18:54before the state pension
18:56went up,
18:56so the numbers are
18:57even bigger in reality.
19:00Jeanette from Shropshire
19:01was looking for ways
19:02to boost her husband
19:03Trevor's state pension.
19:05We met her at
19:05Lillyshaw Hall,
19:06one of her favourite
19:07places to walk
19:08to find out more.
19:10His state pension forecast
19:11in February 2023
19:12was £138 a week.
19:14And when we looked
19:15at the reason for that,
19:16he had about 16 years
19:18missing,
19:19which was when
19:20he was a house husband
19:20looking after the children.
19:22Had I wanted
19:23to actually plug up
19:24the years,
19:25you know,
19:25just for 10 years alone,
19:27you're looking at
19:27sort of £8,000
19:28and that was just
19:29way too expensive
19:31for us to be able
19:32to do at that time.
19:33In February 2023,
19:35Martin mentioned
19:36about trying to plug them
19:37for free.
19:38You check whether
19:39you are due
19:40free credits.
19:42For example,
19:43if you were a carer
19:43or you had childcare
19:44responsibilities
19:45or in an illness.
19:46For 16 years,
19:47whilst Trevor
19:48was looking after
19:49Katie and James,
19:50all the credits
19:51were going to me.
19:53But the person
19:53who looks after
19:54the children,
19:55they're the ones
19:56that were meant
19:57to have claimed.
19:58There was two forms
19:59that I needed to fill out.
20:00I submitted the forms
20:01online on the 14th
20:03of March 2023
20:04and we checked
20:06in September.
20:08It then said
20:08that he was going
20:09to get the full state pension,
20:10which was £203 a week.
20:12That actually makes
20:13a difference
20:14of £89,000.
20:17And when you say
20:17it like that,
20:19you think,
20:19wow.
20:21Just for filling
20:22in a form.
20:28So while we play
20:29the films,
20:30I always go at the back
20:31and I watch people's faces
20:32and there was a collective.
20:36This is just
20:37such enormous
20:38amounts of money.
20:39Let me carry on.
20:41Now, the next mistake
20:42that people make on this
20:43is some people
20:44don't think there was
20:44any point claiming
20:45child benefit
20:45because their partner
20:46is a higher earner
20:47and the higher income
20:48child benefit charge
20:49would simply take it away.
20:51Mistake.
20:52Right?
20:52You need to claim it
20:54to trigger getting
20:54national insurance credits.
20:55You can actually claim
20:56at the zero rate.
20:58So you claim it
20:58to get nothing,
20:59but you should still claim it.
21:01Now, you can only
21:02backdate this one
21:03three months,
21:03so it's not really
21:04a retrospective game,
21:05but if you're in that
21:06position right now,
21:07go and claim it
21:08at the zero rate
21:09to make sure
21:09you're getting
21:10your national insurance credits
21:10if you're not working.
21:12The next one,
21:13if there's a grandparent
21:14or another close family member
21:15doing childcare for you,
21:18the parents or guardians
21:19can apply
21:20to transfer
21:21that childcare credit
21:22to the grandparent
21:24who's looking after
21:24the children.
21:25There are criteria involved
21:26in this,
21:26I'm just keeping it simple today.
21:28But that's also very important.
21:29Now, it's specifically called,
21:30I call it the grandparent credit,
21:32but it's not.
21:32It's called the specified
21:33adult childcare credit.
21:36And again,
21:37you can go back to 2011
21:39if you were doing it
21:40as long as you're not
21:41of state pension age
21:41when you're doing it.
21:42You have to be
21:42under state pension age.
21:43Even if you are
21:44of state pension age now,
21:45you can still back claim
21:45if you're under state pension age
21:46when you're doing the childcare.
21:48Go back to 2011
21:49on that one
21:50and move the credit to you
21:52if the parents were working.
21:54Final one is carer's credit.
21:56So if you're caring
21:56for someone over 20 hours a week,
21:58unpaid,
21:59and the person's
21:59on qualifying benefits
22:00like PIP or Disability Living Allowance,
22:02you can get
22:03Nash Insurance credits
22:03for that too.
22:04If you're doing more hours,
22:06you might be entitled
22:06to carer's allowance.
22:08That one,
22:09you can only back claim
22:10to the start
22:11of the prior tax year.
22:12So again,
22:13probably not much
22:14missing a year on this one,
22:15but it's still important
22:16to know about that.
22:17Now,
22:18on all of these backdated ones,
22:19the 5th of April
22:20doesn't matter
22:20because if you're claiming
22:21old credits,
22:22there is no deadline on that.
22:24But you still want to do it
22:25as soon as possible
22:25because if you are
22:26missing a year
22:27and you want to get it for free,
22:29you find out
22:29you can't get it for free,
22:30you then may want to buy it
22:31and there is a deadline
22:31of the 5th of April
22:32on the old years
22:33on the back of that.
22:34All of these,
22:35it's just a form you fill in
22:37on gov.uk to apply.
22:38But if you need some help,
22:39there is good help
22:40available online with this.
22:42Yeah,
22:42and Barbara's got a success
22:43on this.
22:44She's saying,
22:44I want to say a big thank you to you,
22:45Martin,
22:46for covering grandparent pension credits.
22:48After hearing about this,
22:49I was able to claim
22:50a few missing years
22:51whilst looking after my granddaughter.
22:53It took eight months
22:54to hear back
22:54because they have a backlog,
22:55but I recently got a letter
22:56to say I was eligible
22:58and this has saved me
22:59having to pay a huge
23:00£1,600
23:01to enable me
23:02to get the full state pension,
23:03which is great.
23:04It's always worth me
23:08translating that.
23:09Assuming that that's
23:10two years that you bought,
23:11then that's £660
23:13a year on your state pension.
23:15If you live for 20 years,
23:16then, you know,
23:17you're talking around
23:18£13,000.
23:19It's not £16,000.
23:20It's £13,000
23:21on your state pension.
23:22This is just such big money.
23:24Yeah, it's huge.
23:25We've got this as well.
23:25Yeah, another one in from Chris.
23:27Look at this.
23:28Should or can you buy
23:29if you're under 40?
23:31Yes, you can.
23:33Whether You Should
23:34is more complicated
23:35and that's where I'm going next.
23:36So let me move on.
23:37So now,
23:39you're missing those years
23:402006 to 2018
23:41and you're not forecast
23:42to get your full state pension.
23:44Is this worth doing?
23:45You need to decide
23:45as soon as possible.
23:46I mentioned it before,
23:47but I need to reiterate it.
23:49Partial years can be super cheap,
23:50as little as £16.
23:52So find that out first.
23:55Then it all depends on age.
23:57If you're at
23:58or near the state pension age,
23:59just a few years
24:00from the state pension age,
24:01it's easy to see
24:02if it likely wins.
24:03If your forecast is low
24:04and you've got missing years,
24:05it could be a no-brainer
24:07and you certainly should
24:08go on to the next stage
24:08I'll talk about later
24:09of how you formally investigate this.
24:12If you're already
24:12getting your state pension,
24:14the sooner you do this,
24:16you know,
24:16your income goes up
24:17straight away
24:17as soon as they've processed it,
24:18which isn't that quick
24:19at the moment.
24:20So that's really important
24:21to hurry up.
24:22Now, those who are age
24:2345 to 60-ish,
24:26it's less definite
24:27because you've still got time
24:28to earn more
24:28national insurance years
24:29in future.
24:31So it tends to be best
24:33for those who are nearer 60
24:34because you're nearer that mark,
24:36those who don't have any gaps
24:37after 2019.
24:39Why?
24:39Because if you did,
24:41then you wouldn't need
24:41to buy back your old gaps.
24:42You could wait
24:43and see a bit later
24:44if it's worth buying back
24:45because you can still
24:45buy those back to 2019.
24:47Is that...
24:47Yes?
24:48Glad I explained that right.
24:49The voice is going.
24:50If you've got more missing years,
24:52it's more likely
24:52it'll be worth you buying back
24:53the missing years
24:54because you won't beat
24:54your state pension forecast.
24:55And if you've got
24:56those cheap partial years,
24:57then it becomes
24:57a bit of a no-brainer.
24:58And this really for the under 40...
25:00I wrestle with whether
25:01it's under 40, under 45.
25:02It's not hard and fast.
25:04So, look, it's only worth it
25:06for very cheap partial lures.
25:07I said this before.
25:08I have met people
25:09who've got in touch
25:09and they're 32 years old
25:12and they say,
25:12I saw and I had a partial year
25:13when I was sort of...
25:14Just after university,
25:15I hadn't worked the full year
25:16and it cost me 30 quid
25:18to buy the year.
25:19And I thought,
25:20even though I'm forecasting
25:20out the full...
25:21I'll just buy it
25:22just in case.
25:23I agree.
25:24It's an insurance policy.
25:25For 30 quid,
25:26you may as well
25:26because it would be
25:27worth so much for you
25:28if you stopped working,
25:28couldn't get those credits
25:29in the future,
25:30it might be worth doing.
25:31Otherwise, it becomes riskier.
25:32Now, very important,
25:34you need 10 years
25:36to get an estate pension.
25:37So, if you're close
25:38to retirement,
25:38you've only got three years
25:39and you can buy back
25:40another three years,
25:41there's no point
25:42because you're still getting out.
25:43That's worth remembering.
25:44On this, Craig,
25:45he has been in touch.
25:46I currently live in the EU
25:48but I check my state pension online
25:49and I have almost 10 years
25:51that I have paid into.
25:53How can I get to the next threshold
25:54for state pension going forward
25:55because I'm not sure
25:56if I'll be back to work
25:57in the UK
25:58before retirement age?
26:00Now, as a general rule,
26:01if you're living abroad,
26:02you can still buy old years
26:04as young as you're a UK citizen.
26:07There are some complexities
26:08so you're going to need
26:09to talk to someone
26:10under the advice services
26:11I'm going to talk to you about later.
26:13But let's just take
26:14that 10-year principle.
26:14That's actually fascinating.
26:16I'm doing the numbers
26:16as I talk, right?
26:18So, imagine this.
26:18Imagine you've got nine years.
26:22You buy one year
26:23to get yourself to 10.
26:24So, that'll cost you,
26:25well, maximum 800 quid.
26:27So, you paid 800 quid.
26:28You were due to get nothing.
26:30But now, you're going to get
26:31roughly 1035ths
26:32of the full state pension,
26:34which is equivalent
26:34to about 3,300 quid a year.
26:37So, you pay 800 pounds,
26:39you get 3,300 quid
26:41in your first year
26:42of claiming the state pension
26:43on the back of it.
26:44After 10 years,
26:45it's 800 quid
26:46becomes 33 grand.
26:47Whoa!
26:48I mean, great.
26:49If you can do that,
26:50that's well worth doing.
26:52I was thinking of that
26:53as you asked.
26:53Amazing, yeah.
26:54Doing the mess.
26:55We've got a fifth stick.
26:56Oh, yeah, I was getting too excited
26:57to need a stick.
26:57Hold on.
26:58OK, so,
27:00let's do some maths.
27:01Always exciting to say
27:02on ITV Prime Time.
27:03So, first of all,
27:06let's look at the return
27:06on one full year,
27:07assuming you're not
27:08on a partial year,
27:09you have to pay the full year.
27:10Remember, this is inflation-proof
27:11because of the triple block
27:12on pensions.
27:13It says pensions go up
27:14with the highest of 2.5%
27:16or average earnings
27:16or inflation.
27:17I mean, inflation-proofed money
27:19as well.
27:19That really changes
27:20the figures here.
27:21Of course, that could change
27:22in future,
27:22so you can't bank on it,
27:24but it's worth looking at.
27:25So, an employee,
27:27Class 3 National Insurance,
27:28you will usually pay
27:29around £800-ish
27:30for a full year.
27:30If you can get classed
27:31as a self-employed year
27:32on Class 2,
27:33and it's a bit complicated
27:34how you do that,
27:34it's £180.
27:35So, let's first of all
27:36look at the line.
27:37Here we go.
27:37The break-even point
27:39on a full year,
27:40less than a partial year,
27:41is once you've been claiming
27:43your state pension
27:43for about 2.5 years.
27:45Now, if we look at
27:47a man aged 66
27:48has typical life expectancy
27:50of 19 more years.
27:51So, on average,
27:53he would go to here,
27:55and that would be
27:55£5,400 that you get back,
27:58inflation-proofed,
27:59after spending
28:00£800-ish maximum.
28:02A woman, well,
28:04will live to around 22 years
28:05on average
28:05once they've got to age 66,
28:06so that would be
28:07£6,400
28:08on a maximum
28:09£800-ish expenditure.
28:13Completely unbeatable.
28:15Of course,
28:15some things would change this.
28:16You'd die sooner.
28:17You'd die sooner
28:17than the average.
28:18Or, if the extra you get
28:20takes you over
28:20the tax threshold,
28:22well, you'll start
28:22paying tax on some of it,
28:24and that might reduce it
28:25by 20%,
28:26but even with that,
28:26it's still easily
28:28going to smack the pants
28:30of anything else
28:31that you could put
28:31your money in.
28:32And then there's
28:32a final technicality.
28:34If you were only
28:34£100 a year
28:35below the state pension
28:36threshold
28:37and you bought
28:37a full year,
28:39well, you wouldn't
28:39get the full gain
28:40because you could only
28:40gain a maximum
28:41of £100 a year,
28:42so then the return
28:43might be a little lower.
28:44But in most cases,
28:46wow.
28:47Yeah.
28:48Interesting you mention this.
28:49You've had a couple
28:49of questions in that vein.
28:50This is coming from S.
28:52Explain to me
28:53why would any pensioner
28:55want to increase
28:56their pension?
28:56You will be taxed
28:5720% after £12,500,
29:00which means you'll be
29:01worse off
29:02and you're asked
29:03to pay more in.
29:04You then have
29:05your benefit stopped
29:06if you're below the limit
29:07and that takes you
29:08over the limit
29:08even by 10p.
29:10Let me split that
29:11into two.
29:12Without being rude,
29:13on the first bit
29:13you're talking nonsense.
29:15OK?
29:16Look, tax in this country,
29:18income tax is marginal.
29:20You only pay 20%
29:21on the amount
29:21above the threshold.
29:23The state pension
29:23has always been taxable
29:24if you have other income.
29:25It counts as taxable income.
29:27So, look,
29:27let's say you add
29:29£1,000 a year
29:30to what you earn
29:31and that £1,000
29:32is above the threshold.
29:33Yes, it's taxed
29:34so you only get
29:34£800 of it.
29:35But you still get
29:36£800 more, right?
29:37And if you're paying
29:38£800, you know,
29:39the numbers,
29:40you take 20% of all that,
29:41it still doesn't add up.
29:42Tax is marginal.
29:43You always want to earn more.
29:45You always receive more
29:46if you earn more.
29:47You might not get
29:47every pound more
29:48that you're being given
29:50but you're still,
29:50the more you earn
29:51the more you get.
29:52So the tax thing,
29:52that's a red herring.
29:54The other one isn't
29:55and I'm going to talk
29:55about it later.
29:56For those on very low incomes
29:58who may be eligible
29:59to pension credit
29:59and you don't have
30:00any other pension income,
30:02well, the pension credit
30:03effectively tops you
30:04up to the full state pension anyway.
30:06So if you're going to buy years
30:07to get yourself up
30:07to the full state pension,
30:08it is possible
30:09that you would have
30:10simply got it
30:11through pension credit anyway
30:12so there's no point
30:13in topping you up
30:13to the full state pension.
30:14That is only for those
30:15on very low incomes
30:16who don't have any other income
30:17who would do this.
30:18So that is a very valid point, S.
30:20The first one about tax
30:21is a red herring, I'm afraid.
30:22OK, right.
30:23Another popular topic here.
30:24Caroline has been in touch.
30:26She's asking,
30:27is there a risk, Martin,
30:28that the government
30:28means tests to the state pension
30:30and anyone putting
30:31extra national insurance payments
30:32in who has a private pension
30:34may end up wasting
30:35this extra payment?
30:36Well, I'm very glad
30:37you asked me that question
30:38because I know it's one
30:39that quite a few people
30:40have got in touch
30:40with me about.
30:42Let me be very plain
30:43about everything I've said.
30:44It isn't 100% risk-free.
30:46The gains we're talking about
30:47will take decades
30:48to get into your pocket
30:50and things can change.
30:52They may look good now
30:53but in a high-tech
30:54AI robotic sheep future
30:57things could be very different.
31:00Now, the most likely change
31:01isn't actually that one.
31:02It's that the state pension age
31:03has increased
31:04and I think that certainly
31:05could happen.
31:05So, in which case
31:06you'd retire
31:07and you'd be older
31:08when you'd started
31:09so everything would move.
31:10You'd have to be a little older
31:11but it would still work,
31:12you know,
31:12even if you delayed it
31:13by three years
31:14on typical life expectancy
31:16it would still be
31:17very, very worth doing.
31:18Let's talk at
31:19mainstreaming of state pension.
31:21There have been some
31:23political conversations
31:24about it
31:25but no mainstream UK party
31:27has it as policy.
31:28I think it is
31:29an outside risk at best.
31:30It is unlikely
31:31and if it was
31:32and you did this
31:33I suspect someone
31:34would launch a legal challenge.
31:36But, if we factor it in,
31:38the nearer state pension age
31:39you are now
31:40the less of a risk
31:41because you only need
31:42to have two and a half years
31:43of this
31:44for it to be breakeven.
31:45So, if you're going to retire
31:46in two or three years
31:46it's a no-brainer.
31:48The potential rewards
31:49from this
31:49are very large.
31:51The risk of that happening
31:53is small.
31:54So, in my view
31:55especially if you have
31:56easy finances
31:57to be able to pay it
31:58reward is good
32:01risk is small
32:02go for it.
32:04However
32:04if the game for you
32:06is marginal
32:07and you are
32:08many years away
32:09from retirement
32:09I talked about
32:10under 40s
32:10it being much more
32:11questionable for
32:12then that risk
32:13and that unknown future
32:14and potential
32:15unknown unknowns
32:16is much more
32:17off-putting.
32:18I cannot give you
32:19a firm answer
32:20those nearer retirement
32:21who are going to make a lot
32:22I'd still go for it
32:24frankly
32:24that's a personal view
32:25but I may be wrong
32:26in hindsight
32:26but I think
32:27means testing
32:28to not do it
32:29because of an outside risk
32:30of some
32:31you know
32:31niche political discussions
32:33about potential future
32:34means testing
32:34it wouldn't stop me
32:35at the moment
32:36when there's a hard
32:36deadline coming in.
32:37Does that make sense?
32:38I hope that helps.
32:39It's a balance though
32:40I can't give a firm answer.
32:42Okay
32:42thank you
32:43well coming up next
32:44the final checks
32:45you need to make
32:46and how you buy
32:47the years back
32:48in order to beat
32:49the deadline
32:49we'll see you then.
32:50Welcome back
33:02we're talking about
33:03how you may be able
33:03to boost your state pension
33:04by tens of thousands
33:05of pounds
33:06by buying back
33:06national insurance shares
33:07my brain is still fizzing
33:08over the means testing question
33:09it's a very fine balance
33:11in there
33:11I hope it made sense
33:12Jeanette what's going on?
33:13There's plenty coming in
33:13lots of people got their opinion
33:14on the poll as well
33:15we'll come to that a bit later
33:16but have a look at this here
33:18coming in from Steve
33:19I need to buy back
33:2114 years of NI contributions
33:23to boost my state pension
33:24I tried to pay online
33:25but the service
33:26wouldn't allow me to
33:26so I called them
33:27I've been put down
33:28for a call back
33:29but told there is
33:30a six to seven week delay
33:32which would take me
33:33over the April deadline
33:34I was assured
33:35I'd still be eligible
33:36but should I be worried?
33:38No you shouldn't be worried
33:39I think that
33:40you know
33:41they've got you registered
33:42it's the same I said
33:42at the beginning
33:43but let me get straight
33:44into my final pages on this
33:45which we'll talk you through
33:46in a bit more detail
33:47if you've gone through everything
33:48and buying national insurance years
33:50looks right for you
33:50you can do it
33:51on gov.uk's
33:53state pension forecast tool
33:54which shows your pension forecast
33:55national insurance record
33:56payable gaps
33:57and lets you pay
33:58you can't do it online though
34:00if you're at state pension age
34:02or four months before it
34:03or you missed years
34:04from self-employment
34:05or you worked abroad
34:06or if they tell you
34:07it's too complex
34:08so in that case
34:09you need to do it on the phone
34:10the same is true
34:11if you're worried
34:12and you want one-on-one advice
34:13you can get one-on-one advice
34:15on the phone
34:16who to call depends on your age
34:18if you're getting state pension
34:19or four months
34:20from getting state pension
34:21it's the pension service
34:22before that
34:24it's the
34:24so anyone younger
34:25it's the future pension centre
34:27just remember
34:28you can't buy back years
34:29from before 2006
34:30if that's why you're calling them
34:32don't do it
34:32you're just clogging up the phone line
34:33and wasting it for everybody else
34:34now if you're doing it by the phone
34:37to pay you'll need to get
34:38an 18 digit HMRC reference number
34:41best way to do that
34:43is via its web chat
34:44don't call
34:44the call of the phone line
34:45is absolutely clogged up
34:46go on to HMRC web chat
34:47that is quicker than calling them up
34:49although you can call them up
34:50if you need to
34:50what these
34:53they won't advise you on
34:54on this advice line
34:55they won't advise you
34:56if you do any free years normally
34:57they won't advise you
34:58on the tax impact
34:59that we've already talked about
35:00and they won't advise you
35:01if it may reduce
35:02your pension credit entitlement
35:04so we've already talked about that
35:05so that's good
35:05but you need to be aware
35:06of those things
35:07now this is what everyone's
35:08asking me about
35:09so let me move on
35:10to these
35:10this issue
35:12last time I did this show
35:13a couple of years ago
35:14we crashed their systems
35:16and the deadline was extended
35:17so no surprise
35:19and I suspect no coincidence
35:20yesterday
35:21and they knew
35:21that we were doing this
35:22they've launched
35:23a new provision to help
35:24there's a Department of Work
35:26and Pensions
35:27call back request form
35:28that you can log
35:30if you put a request in that
35:31for them to call you back
35:32you have beaten the 5th of April deadline
35:34even if they call you afterwards
35:35you're now logged
35:36and you're registered
35:37now if you've already been in touch with them
35:39they should have you logged
35:40so you shouldn't need to do this
35:41they're telling me not to tell people to do this
35:42if they've already done that
35:43I might do this
35:44if I hadn't ordered you done that anyway
35:45just for belt and braces
35:46but they're telling me not to tell you that
35:47so it's your decision on the back of that
35:49that form also works
35:51if you can't get in touch
35:53with the HMRC 18 digit code
35:55now
35:56the link's too complicated
35:58I have a member of my team
36:00ready to press buttons now
36:01on X
36:01on Blue Sky
36:02and on Facebook
36:03to give you the link to that form
36:05on my socials
36:06because it's the only way
36:06I could get it out there
36:07so that should be going now
36:09come on Sally
36:09press the button
36:10there we are
36:11now
36:12if you do that
36:13it counts
36:14even if they don't reply later
36:15that's the crucial thing to understand
36:17so you have put a log in
36:18but
36:19this is what I would do
36:20when I fill that form in
36:21I would take a screen grab of my details
36:24and I'd then take a screen grab of the next page
36:26that is titled
36:27request sent
36:28I would send those to myself on email
36:30so that it is time stamped
36:31it's what we journalists call
36:32contemporaneous notes
36:34and then you have a record
36:35in case of any dispute
36:36that you did fill in that form in time
36:38and that I think
36:39is probably the safest way to go through
36:41but that's my view
36:41that's not what they're saying
36:42what about if you can't get online
36:44I did ask them that question
36:45and their answer was
36:46if you can't get online
36:47try and find somebody
36:48who can get online
36:48and fill in the form for you
36:49wow
36:49ok
36:50it's a last stand provision
36:52it's an emergency provision
36:53hopefully you'll be able to call somebody up
36:55ok
36:55got one
36:56to finish this subject off
36:57wrap this off really nicely
36:58it's come in
36:59from Anthony
37:01and Anthony's saying
37:01I just started receiving my state pension
37:03at £220 a week
37:05after following your advice
37:06and buying four years
37:08of missing contributions
37:09thank you
37:09aww thank you
37:10I hope you realise and see why I'm doing such an urgent programme with the deadline
37:18it is a balance of risk
37:20nothing is 100% guaranteed
37:21but it's absolutely worth you exploring if you think it might be lucrative
37:24because it could mean really big money
37:26we had a huge response Martin from the energy show last week
37:28oh change of subject
37:29yeah
37:29big change of subject
37:30huge
37:311500 emails came in during the show
37:34including this question here
37:35from Dan
37:36he's asking
37:37is it still better to fix if you're moving house in the near future
37:40can fixes move with you to a new property
37:43it depends on the company
37:46I'm just trying to remember
37:47so
37:48most of the big six do allow you to port
37:50that's what it's called
37:51port your fix with you
37:52so you can move it to your new house
37:53if you wanted to end your fix
37:55when you moved your new house
37:56you'd have to pay an early exit penalty
37:57the two that tend not to
37:59are OVO and Scottish Power
38:01but they
38:02if you're moving house
38:03will let you end your fix
38:05exit penalty free
38:07so yes you can do it
38:08but not with OVO and Scottish Power
38:09of the big providers out there
38:11so you might still
38:11but when you're looking at the details
38:13it's called portability
38:14just check whether the tariff is portable
38:15then it can move with you
38:16do you know what
38:17let me do
38:17I was going to do it in news you can use
38:19have you got the graphic
38:19you do
38:20good
38:20let me do my energy graphic
38:21I was going to do anyway
38:22let me do it here
38:23as we're on the subject
38:23look
38:24it's what I said last week
38:25in April
38:26the energy price cap
38:27that two thirds of homes
38:28anyone who's not on a fix
38:29or anyone not on a special tariff
38:31will pay is going up 6.4%
38:33the predictions have moved down
38:34a tiny little bit
38:35what's going to happen afterwards
38:36since last week
38:37but they're still
38:38if you look
38:39it's still predicted
38:40for the next year
38:41you'll be paying more
38:42than you do right now
38:43so let's put the cheapest fix on there
38:45that's gone down a little bit too
38:46only a fraction
38:47that's around 7% cheaper
38:49so if those predictions
38:50you're definitely going to save now
38:52on the cheapest fix
38:52you'll save a lot in April
38:53and if those predictions are right
38:55it's crystal ball gazing
38:56the further out you go
38:56you're going to save a lot more
38:58but there are some ifs and buts
38:59bring up the next thing
39:00I wanted to talk about
39:01cheapest fix is 7% below today's price
39:03they're winding me up
39:04so I'm going quick
39:0413% below April's price
39:06fixes are available
39:07for most payment methods
39:08except prepayment
39:10smart prepayment yes
39:12non-smart prepayment no
39:14you generally don't need
39:15a smart meter to fix
39:16many of the cheapest fixes
39:17don't require you
39:18to have a smart meter
39:19but do get on a comparison site
39:21preferably a whole of market one
39:22to find your cheapest fix
39:24if you're looking to do it
39:25question many have said to me
39:26is what about Ukraine
39:27well look
39:27if there is peace in Ukraine
39:28and Russian gas supplies
39:29come back on
39:30I suspect those prices
39:32would come down
39:32and
39:34I suspect the rate
39:35you can fix that
39:36would come down
39:37so someone said
39:37I don't want to fix
39:38just in case that happens
39:39I get that logic
39:40I probably would still go
39:41for the cheapest fix myself
39:42in that case
39:44EDF simply fix direct
39:46is no risk
39:47because it has no
39:48early exit penalties
39:49so you can fix
39:50it's actually about this level
39:51at about 4% below
39:53the current cap
39:53you'd save in April
39:55and in the event
39:56and hey
39:56we all want peace
39:57that there were to be peace
39:58in Ukraine
39:59and the gas prices
40:00were to come down
40:00and they came down
40:01right down here
40:01well you just leave
40:03exit penalty free
40:04so if you're not fixing
40:04because you're worried
40:05about the risk of prices
40:06coming down
40:06that's an option for you
40:08it's about 4.8% below the cap
40:09and I think
40:10that answers Katie's like that
40:12have I done it in time
40:12yes
40:13boom
40:13just about
40:14just about
40:15up next
40:16a warning for anyone
40:17who's booked a trip abroad
40:18five cinema tickets
40:19for £22
40:20and a totally free burger
40:23we'll see you in four
40:24welcome back
40:35it's the last part of the show
40:36what are people saying
40:37on the World Wide Web
40:39on the webs
40:39loads coming over the break
40:41but look at this
40:41from Marie
40:42I have 8 years deficit
40:44on my state pension
40:45I do not have the ready cash
40:47available now
40:47to fill this gap
40:48would it be best
40:49to take a loan
40:50to fill the deficit
40:51well look
40:54assuming the state pension
40:56wouldn't be means tested
40:57if you're near your pension
40:58and you wouldn't be able
40:59to make it up
40:59then the answer
41:00on a pure financial
41:02assessment is yes
41:03it would be
41:04if you could get
41:05a relatively cheap loan
41:06because this is going
41:06to give you
41:07provided you have
41:07you know
41:08average life expectancy
41:09a very good return
41:11but it comes back
41:13to all that risk
41:13assessment earlier
41:14how close to state
41:15pension age are you
41:16how short are you
41:17on your forecast
41:18you know
41:19what is the risk
41:20of it changing later
41:21the nearer you are
41:23to state pension age
41:24and about to start
41:25getting the money
41:25the more likely it is
41:27to be worth looking at
41:29I mean I can't believe
41:29I'm saying it
41:30to be honest
41:30but I mean
41:31on a pure mathematical basis
41:32on something that you pay
41:33maximum 800 quid for
41:34and if you live
41:35a typical life expectancy
41:36as a woman gets you
41:366,400 pound back
41:38well it would be worth
41:39doing it
41:40if you're giving it
41:40on a 0% credit card
41:41even better I would say
41:42or a friend could maybe
41:44lend you the money
41:44temporarily
41:45because you'd be able
41:45to pay them back
41:46my best answer
41:48it's not a no
41:50I'm not sure I can
41:53quite go as far as a yes
41:54hopefully Marie
41:55that has helped
41:56a little bit
41:56it's a tough question
41:57okay Martin
41:58let's get this poll result
41:59now
42:00don't do a poll on that
42:01let's have a look
42:01at this now
42:02so you asked about
42:04the restaurant
42:04if you knock your food
42:06over in the restaurant
42:07should the restaurant
42:07replace for free
42:08and these are the results
42:09well what's interesting
42:10only 24 people say
42:11no it's my fault
42:12I'll pay
42:12I'll knock it over
42:13I'll pay
42:14the rest
42:14either expect
42:16or hope
42:17the restaurant
42:18it's a chain restaurant
42:19I did that deliberately
42:19I think people might feel
42:20differently and independent
42:21yeah
42:21right
42:22the restaurant to cover
42:24the cost
42:24fascinating because
42:25actually it's your fault
42:26isn't it
42:26what are people saying
42:27people are saying
42:28right now
42:28Blue Nose Panda
42:29I would expect
42:30any good restaurant
42:31to replace it
42:32if free of charge
42:32and most chain restaurants
42:33should have minimum
42:34level of customer service
42:35that would include this
42:36expectation
42:37I mean the one argument
42:38is the cost price
42:39to them of replacing
42:40the food is a lot less
42:41than the cost to you
42:42of replacing the food
42:42isn't it
42:43okay
42:43we're running out of time
42:44it's time for news you can use
42:46first one's very important
42:49most people
42:50book their holidays
42:51for the summer
42:52in January and February
42:52especially most families
42:53I do an annual warning
42:54about travel insurance
42:55key thing to understand
42:57travel insurance
42:58is not just to cover you
42:59while you're away
43:00it's also very important
43:02to cover you
43:03in case something happens
43:04before you go
43:05that stops you going
43:06so I have a rule
43:08that you'll hear
43:08why I'm taking deep breath
43:09in a moment
43:10I have a rule
43:10you should get your travel insurance
43:12A-S-A-B
43:13as soon as you book
43:14A-S-A-B
43:16as soon as you book
43:18we trained them beforehand
43:19to do that
43:19but right now
43:21many people have already booked
43:22if you don't have your travel insurance
43:23and if your holiday's booked
43:25do it right now
43:26now the reason I do this
43:27is every year
43:28someone asks me a question
43:29something like
43:30I've been diagnosed with cancer
43:32we can't go on the holiday
43:33they're saying we can't have
43:34our money back
43:35what do I do
43:37and I'm impotent
43:38because the answer is
43:39you get on your travel insurance
43:40and they say
43:41well I haven't got my travel insurance yet
43:42do not get your travel insurance
43:44the day before you go
43:45you get your travel insurance
43:47A-S-A-B
43:48so look at me
43:49yeah I'm looking at you
43:50because see
43:50you've asked me to read this one out
43:51from last year as well
43:52yes of course
43:53see you got in touch
43:53I booked a holiday for Christmas
43:54this is what I had last
43:55a year ago
43:56I want you to read
43:57I was there medically advised
43:59not to fly
44:00the holiday was already paid for
44:01and I hadn't taken out
44:02any travel insurance
44:03I'm now being told
44:04I've lost all the money
44:05for the holiday
44:06is there anything that can be done
44:08please don't be the person
44:09this summer
44:10who asked me that question
44:11if you're going to get
44:12travel insurance
44:12A-S-A-B
44:13the answer is no
44:15yeah
44:16I mean look
44:16very simply
44:17just think about it for a second
44:18if you bought a tennis racket
44:19and you broke your arm
44:20you can't say to them
44:22I want a refund
44:22because my arm's broken
44:23the tennis racket still works
44:24the flight still works
44:25the hotel still works
44:26it's not them that's got the problem
44:27it's you
44:28that's the logic
44:29that's what you have insurance for
44:30now
44:30time for a quickie
44:31I'm not sure my throat will take this
44:33but here we go
44:33there's a new
44:34longest definite length
44:350% balance transfer credit card
44:37for shifting existing credit card debt
44:38to its Tesco
44:3932 months 0%
44:40for a 3.19% fee
44:42which is actually lower
44:42than some of the equivalent cards
44:4325% rep APR afterwards
44:45what do I mean definite
44:46most of the longest cards are up to
44:47so some accepted customers
44:49get the full length
44:50some get shorter
44:51this one
44:52everyone who is accepted
44:53gets the full 32 months 0%
44:55always use an eligibility calculator
44:57decent chances of this card
44:59well you know
44:59if you're accepted
45:00you get the full deal
45:01although you may be pre-approved
45:02for one of the longer cards
45:03guaranteed
45:04balance transfer golden rules
45:05clear all the debt
45:05shifted by the end
45:06of the 0% period
45:07never miss a minimum
45:07monthly repayments
45:08don't spend on it
45:09or use
45:09get money out of a cash machine
45:10five view cinema tickets
45:12for 22 quid via group
45:13until the 18th of May
45:14basically on all the
45:15non-fancy schmancy films
45:17or cinemas 3D
45:18or you just get it
45:19on the 2D stuff
45:19don't have to use
45:20all the tickets in one go
45:21and last one
45:21because I'm really close
45:22to the edge
45:23on time
45:23tomorrow
45:24Wednesday only
45:25free 6 quid
45:26Burger King
45:26Whopper
45:27original plant base
45:28you go onto its app
45:29you can do this in store
45:29you find the offers page
45:30you order on the app in store
45:32and you get your
45:33totally free Whopper
45:33not a meal
45:34just the Whopper
45:34that you get in it
45:35there's no minimum expense
45:36it can be totally free
45:37one per app
45:38at most BKs
45:39but not motorways
45:40airports or holiday parks
45:41that's it from me
45:42my voice has gone
45:44JK
45:45I was going to ask you
45:46what's going on for next week
45:48we're probably going to be doing
45:52wills and power of attorney
45:55and difficult conversations
45:56but it may change
45:57I don't know
45:57I might be doing savings
45:58lets me know which you prefer
45:59thank you to Jeanette
46:00thank you to the audience here
46:01thank you to everybody upstairs
46:02I'm going for a lie down
46:03goodbye
46:03and of the honey and lemon I think
46:11there's so much information to take in
46:13don't forget
46:14if you missed any of it
46:15head over to SCB Player
46:16to re-watch it
46:17you can pause
46:18rewind it
46:19and play the bits you need
46:20a bit more time on
46:21stay with us
46:22the bay is next
46:23we are
46:25a secret
46:27and I'll see you next week
46:28want to see you next week
46:28back to you
Recommended
46:41
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