6 Pension Secrets That Could Get You an Extra £10,000 or More | This Morning

Britain’s most trusted money man is back to talk about pensions so you can get the best out of yours. He’ll be revealing his simple tips and advice which could add thousands in just minutes.
Broadcast on 21/05/2024
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[@wendyjones3953]

I paid £2500 last year. From next month I will now get the FULL pension. When I cut my hours to part-time, I didn’t understand how important it was to continue paying N.I. If I had done so, it would have been an awful lot cheaper! Why weren’t we taught these things at School? Even lots of kids today who have done Business Studies have not been taught about Income Tax, Pensions, National Insurance contributions and the different rates. Surely this is a better life skill than some of the nonsense they have to sit through at School! What’s the point of Business Studies if you don’t know the basics of running your own business, or being able to check an employer is doing the right thing for you.

[@ddraig1957]

I've been caught out by this. I paid 39 years full NI but because I retired 7 years before my state pension age I don't get the full pension.I suspect DWP hide the facts to save the Government money

[@Browngeezer]

They only teach you to be a good hard worker and pay your taxes they want do’ers not thinkers..

[@steve6375]

Why aren't pension companies legally obliged to send out annual statements even if it is a 'dormant' account (and trace your address if post is returned as 'unknown')? Banks are obliged to do this and the amounts are generally much smaller. They have been getting away with it for far too long! Combine this with no compulsory central register and the whole thing is a disgrace! We need to know about these dormant pensions and how they are invested. Some have a very poor rate of interest and we should have control over this or at least have the opportunity to transfer it, but how can we do this if we don't even know about it. There is also the issue of a deceased husband/wife - if we don't know about our partners old pensions and they die before 60/65, the money due can't be claimed. It is only when that account approaches the retirement age for the policy that the pension company attempts to contact anyone. If you have been entitled to payments (e.g. child benefit during school age) and then later you find out about the old pension of your deceased partner, the pension company will often not pay you any interest on the missed benefit payments. Again they get away with it!

[@Barbara-fv3tp]

Roughly £120k in my portfolio are in tech/TSLA stocks, can I get an advice on any other stocks that I can acquire to diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation.

[@Thomas-mh6ib]

You need to hire a financial advisor to help you diversify your portfolio by including Mutual Funds, Etf's, the 11 GICS groups, inflation-indexed bonds, and stocks of companies with reliable cash flows rather than growth stocks, where prices were based on future prospective earnings.

[@Anthony-bh6dd]

That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of £550k, which is about 10 times more than I average on...

[@MileyHumphrey-ql4jp]

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

[@Anthony-bh6dd]

“Angela Lynn Shilling’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@MileyHumphrey-ql4jp]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@user-ns5yn8ux2u]

I think that if people die before they get their pension, then a certain number of years should be given to a family member. Why should the government take money out of your salary, for you to die before you can start claiming it.

[@wolfielover1172]

That’s what the government hope for ! Hence increasing pension age because more people will die before the government has to pay out !

[@BuriramBaz]

Martin Lewis is a top notch bloke.👍

[@yamyam3905]

I could have paid £3,000 to get maximum pension but decided against it and im glad i did . I got the state pension rise in April which was £63 a month , i had my P60 come in the post and it informed me i would be paying an extra £55 in tax so my monthly increase was £8 so im glad i didn't pay the £3,000 which i would have lost i would have been paying even more tax .

[@AlexMacallister-fl1vl]

27 billion pounds worth of lost pension is insane.

[@knowledgeseeker5499]

Don’t worry it will spent on funding wars and won’t be used inside UK if no one claims 😜

[@TheDavecroft]

Most people won't bother even though the returns can be massive. They simply don't want to send the tax man any money! It goes against their principles. We have a strange and uneducated approach to tax in the UK, I've even known people to refuse a pay rise because it means they will 'pay more tax'!

[@DreamClean]

That's people not understanding how tax bands work.

[@knowledgeseeker5499]

Poor math skills cost thousands of pounds 😂

[@shellyperera2010]

Sometimes it's not worth the effort though. If you get a promotion with more stress but most of your increased pay gets taken away in tax, especially between £100k-£125k you might be better off staying where you are and having an easier life.

[@coderider3022]

Power of compounding interest is amazing.

[@Jannie-]

Brilliant advice. Thank you Martin .

[@marylynch951]

Thanks Martin Very informative

[@poolsnookered3446]

Don't over purchase!! I purchased missed years in the 90s. Now, as I approach retirement, ive got too many years, so it was all wasted money spent.

[@grahamheath9957]

Exactly right, but he was only suggesting to check your record and read up to plan what you should do.

[@paulbaldock8]

Don’t over purchase…….. you are absolutely right about that. Even if you haven’t got full contributions you probably could claim pension credits to make up the difference?

[@guyr7351]

You just need to ensure you get enough qualifying years in, there is no extra payment for having paid for 40 or 45 years. You need to keep in mind if you’re still working that you will be getting further years. Some years may need less than £50 to top up.

[@veesvoyages]

Incredible! Thanks for the advice!

[@autoclearanceuk7191]

Five years ago, I was on Universal Credit for over one year. I was not credited NI contributions for that year. Has this error been rectified by the DWP ?

[@timg1246]

You can check that via the 'Government Gateway', mentioned in the video. There will be a list of every year since you reached working age. It will show for every year whether a contribution is registered. Alternatively, you can call and ask for a statement to be sent to you. However, that may not list each year, just totals.

[@sid35gb]

Pension tracing service is not very helpful unless you have account number of the pension.

[@timharper4707]

I used it to trace my Mum's old pension without those details. Just provided name of employer, years worked and her details.

[@guyr7351]

Wish I could get my wife to check hers, she’s nearly 64 and I keep telling her if there’s nothing there fine at least check. I have kept on top of mine and know where my funds are. Seems crazy she can’t motivate herself to do it.

[@wendyjones3953]

@@guyr7351It might ease your household’s outgoings, so perhaps she might let YOU enquire on her behalf. My son did all my research after I gave him the necessary information. I’d had illhealth for years and was also grieving for lost ones, so paperwork regarding my pension seemed the least of my worries. Luckily my son knew it would make a big difference to me. He was right! I start collecting my FULL pension shortly. I’m sure your wife will be happy at the end of the day if she has extra money coming in. Good luck.

[@user-yq3nu5hd6n]

unfortunately Tax very high in UK Unbelievable taxing pensions No wonder Nobody doing pensions any more No future Nothing left

[@simonlunt353]

The biggest question is if nobody comes forward for these pensions WHO gets all this money 😏

[@issiewizzie]

Thank you Martin

[@theloneranger2101]

Hang on, did Martin say a "person boosted their State Pension by £2000 a year, and thats £24000 in 20 years?" Me thinks Martin got his Maths wrong, £2000 a year for the 20 years is £40,000.

[@knowledgeseeker5499]

Simple math 2000x20=40,000

[@Eryrwen]

'Spitting feathers' means thirsty. The expression for anger is 'spitting blood'.

[@marcdaniels9079]

Well Mr/Mrs/Ms pedantic that really depends where you are from in the world. In the North of the UK yes it can mean thirsty but in the South it definitely means angry. This can easily by confirmed in Google in 5 mins. It is used almost entirely these days in common parlance to mean angry.

[@yelesomeus4534]

You really wasted time to come on here and say that? 😂😂😂😂😂

[@LindaWYorksUK]

…..and!! Your point is???

[@Eryrwen]

The ‘angry’ interpretation of ‘spitting feathers’ is likely to have originated from another expression for angry - ‘spitting blood’. Anyone who knew the latter term and heard ‘spitting feathers’ for the first time might very well assume that the two expression meant the same thing.

[@Eryrwen]

@@yelesomeus4534 I did! It didn't take too long, though.

[@lesleydurston531]

Is it possible to trace a lost pension for a deceased parent?

[@user-ns5yn8ux2u]

So, if I pay £800 for a years missed contribution, it means that I will get an additional £300 and something pounds added to my pension already? This cant be right? Can someone explain.

[@knowledgeseeker5499]

Nothing extra once you met minimum 35 years requirement

[@alberttatlock5104]

Likes the sound of his own voice!!!

[@desertrat5782]

My advice don't have a private pension because you get no help if you do

[@boyasaka]

Don’t be silly Most employers put substantial amounts into your pension for free My employer puts 3500 a year into my pension as long as I do to Plus don’t pay any tax on money going into ya pension

[@yelesomeus4534]

My private pensions from companies I have left will eat themselves away before I retire. I do t understand it but that's what they have told me 😢

[@maxmaxwell3787]

If you don’t pay into a private pension, who is going to take care of you when you are no longer earning? Are you relying on my tax?

[@denisescally7090]

@@yelesomeus4534 Management fees? Find out what they mean? If you are over 55 and they are small pots you can withdraw them, not financial advice!

[@denisescally7090]

@@maxmaxwell3787 Hundreds of thousands of people who have never paid a single NI contributions already are and the number is increasing.

[@TonyRobertson6]

what they say and what they do is 2 different things

[@whitevanman9500]

I don't reckon the pension will be available in the next few years and if it is, it will be a benefit so if you want to go abroad or live a life you won't apply to you

[@wiganer9912]

It will be available!

[@whitevanman9500]

@@wiganer9912 who is going to pay for it just look at Australia.. max pay in but no pay out if you have over x amount included in that is your property and possessions

[@timg1246]

The state pension has ALWAYS been considered, legally speaking, a benefit. There is a myth around that this status started in 2016. That is not true. If you move abroad, you will get paid the state pension. However, depending on where you move to, you may not get the yearly inflation rise. Some countries have reciprocal arrangements.

[@xx6551]

You can barely get a home in the UK for 82,000

[@harryhazard719]

If your using your pension to buy a home there’s a big problem 😂

[@aysha7384]

😂😂

[@beluga.7761]

😂😂😂😂​@@harryhazard719

[@dominicmilne8574]

Uh yeah you can barely buy a house for 180k in the uk lol

[@Ladyviggers]

Stop putting your fingers across your mouth. Some people lip read!

[@Canio567]

Please.

[@Draw2quit]

Maybe she got Ross from Friends to do her teeth whitening.

[@mattjames88]

@@Canio567came to say the exact same 😆

[@MrAspire82]

Put subtitles/captions on

[@david9180]

Just put the captions on if you are on the net ' it's the right emblem on the screen

[@TheJoeT81]

A lesson on how to take your glasses on and off, if nothing else 😂

[@XORTION]

Won’t be state pension in 30 years when I retire. so why am I paying my state pension to fund others who are retired. Not fare

[@stuartburns8657]

Fair.

[@dallassukerkin6878]

Whilst that is the common trope doing the rounds of the internet, something to bear in mind that the people entering pension age now have paid in all their working lives via NI. Most people, unless they live until their 90's, do not get back what they have paid in. I don't know why it has become the fashion to latch onto this 'generational envy' cliche; perhaps it is more relevant to the USA, where the Social Security system works differently?

[@wiganer9912]

There will be a state pension in 30 years

[@shellyperera2010]

@@wiganer9912 but it will probably be means tested and the age raised to 70,

[@ravinloon58]

The saddest thing is all this stuff happens when you are already dealing with massive changes. Older people have learned they can't trust other people with their money and may well not have anyone to turn to for help. If only we all had a Martin Lewis in our family... such knowledge and passion but more importantly a commitment to getting the best for you (not him).

[@rodspence5105]

Im fed up of martin lewis misleading people .for me at 59 and have a good pension now which would be 30 grand a year for next 20 years id need 600,000 now. i havnt got that or never will achieve that nor would most working people .someone i was in school with joined the police force done the 30 years service as a constable he recieved 76 thousand tax free cash and 15 grand a year pension .thats after hes payed in quarter of his wages each month and police force topping up his pension credits while in service .so all those people in minimum wages with no employer top up got no chance of a decent pension .they dont tell you that part .

[@ritageorge2348]

Cats at it again, there is no one else on tv that is constantly posing. Hands, eyes, touching hair, surprise face, worried face, concerned face. For gods sake just be yourself, oh and stop nodding and speaking over people.

[@markswales762]

Bring back holly

[@156dave]

Narcissist

[@gonefishing.....]

whos the bird?? is that a real old cat deelly?????

[@jmk1962]

Look in the mirror you look older that you used to it happens to us all.

[@akaski777]

Click bate

[@user-fq2ee7ki8g]

Bait

[@StevenHaggis]

I don't trust that freak of nature.

[@chuckwoodchip1696]

Nothing to do with pension. But PLEASE PLEASE get the presenters to stop putting their hands in front of their mouth some hard of hearing people need lip read

[@hectorheath9742]

The input from the female was just a distracting irritation 🙄

[@garymckenna2945]

Can’t stand this W⚓️

[@wiganer9912]

Why not? He has saved me AND gained me and countless others thousands of pounds over the years!

[@timg1246]

​@@wiganer9912I suspect that this poster does not trust anyone who shares the same religion.