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Martin Lewis’ state pension tip could see you turn £800 into £5,500 | Personal Finance | Finance

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Mr Lewis said: “During the period that you were missing years, you may not have got the National Insurance credits that you were entitled to, and you may be able to get them for free, which can substantially boost your state pension.”

Before delving into the numbers, Mr Lewis noted: “I need to give you a really important red flag warning. I am giving you a call to arms about whether you should be checking if this is worth doing but I cannot, in this podcast, give you an absolute guarantee that in your specific circumstance it is worth doing.”

He told listeners that if it looks like it might benefit them, to contact the Government’s future pension centre and get a bespoke calculation. As well as doing the future pension calculation, try and work out if it will make the person fall short with other benefit entitlements.

For example, if a person is entitled to Pension Credit and paying for this would diminish it, it may not be worth it, or buying the extra units might push the person into a higher tax bracket, which could limit the returns they’ll get on the money.

However, he said: “In general, most people are better off doing this… but you need to check it out in your own specific circumstance and while the future pension centre won’t be able to go through everything with you, it will at least be able to give you a bespoke calculation for the basic circumstances.”

Speaking on why this is such an important analysis to carry out, Mr Lewis said: “A voluntary National Insurance year costs about £800, but it adds £275 a year to your state pension. This means, the break-even point, is if you live just three years after the state pension age.

“Or if you’re already at the state pension age, if you live just three years after buying the extra year, you’re even.”

Mr Lewis provided two examples to substantiate the claim. Looking at life mortality spans, a man who reaches age 66 would typically live 19 more years. If that were to happen, each £800 paid would be £5,300 extra on their state pension.





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Sensex Opens 265 Points Higher, Nifty Climbs 89 Points In Early Trade

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Mumbai:

The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.

At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.

Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.

According to market watchers, “after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.

“The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200,” said Hardik Matalia, Derivative Analyst of Choice Broking.

Meanwhile, in the Sensex pack, TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M and Tata Motors were the top gainers. Whereas, Axis Bank, Tech Mahindra, Nestle India and IndusInd Bank were the top losers.

In the last trading session, Dow Jones in the US added 1.23 per cent to close at 40,093.40. The S&P 500 climbed 2.03 per cent to 5,484.77 and the Nasdaq added 2.74 per cent to close at 17,166.04.

In the Asian markets, Jakarta, Bangkok, Seoul, Hong Kong, China and Japan were trading in green.

According to analysts, US markets extended their rally on Thursday as investors snapped up hard-hit technology stocks, helping boost the S&P 500 out of correction territory.

The foreign institutional investors (FIIs) bought equities worth Rs 8,250.53 crore on April 24. However, domestic institutional investors (DIIs) sold equities of Rs 534.54 crore on the same day.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)




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Sensex Falls Over 1,000 Points Amid Tensions Over Pahalgam Terror Attack

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Mumbai:

Indian equity markets are trading in the red as tensions soar between India and Pakistan over the Pahalgam terror attack in Kashmir. Sensex, the 30-share BSE benchmark, has crashed over 1,000 points and is now trading below the 79,000-mark. Nifty, the NSE index of 50 shares, fell below 24,000 points.

The markets went up in early trade, driven by a global rally and fund inflows, but the momentum got lost thereafter, and it gave up the initial gains.

The markets are also upset by unimpressive March quarter earnings by Axis Bank, the third-largest private sector bank of the country. The bank’s shares have fallen 4.65% after reporting a decline in quarterly profit from Rs 7,130 crore in the year-ago period to Rs 7,117 crore.

Besides Axis Bank, major laggards include Bajaj Finance, Bajaj Finserv, Tata Motors, and Tech Mahindra. On the gaining side are TCS, Infosys, Reliance, HCL Tech, HDFC Bank, and ICICI Bank.

At least 26 civilians were massacred by terrorists in a tourist hotspot known as ‘Mini Switzerland’, leading to both countries pulling out their diplomatic staff and suspending visas issued to the other nation’s citizens. (Follow live updates here)

The latest flare-up at the Line of Control was speculative firing by Pakistani troops, which is being seen as an attempt to provoke the Indian side. Indian troops retaliated effectively against the firing from multiple Pakistani posts.

As Indian equities braced for the impact, global equities, including the Asian markets, were charting in the positive territory. South Korea’s Kospi index, Tokyo’s Nikkei 225, Hong Kong’s Hang Seng, and Shanghai SSE Composite were all in green.

Similar trends were seen in US equities, too. Last evening, Nasdaq Composite closed 2.74 per cent higher. S&P 500 jumped over 2 per cent and Dow Jones Industrial Average surged 1.23 per cent.





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Sensex, Nifty Decline After 7-Day Rally Amid Profit-Taking

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Mumbai:

Equity benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking after a seven-day rally and muted trend in Asian markets.

The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.

In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.

From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.

IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.

In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.

US markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50 per cent, S&P 500 surged 1.67 per cent and Dow Jones Industrial Average climbed 1.07 per cent.

Global oil benchmark Brent crude climbed 0.12 per cent to USD 66.20 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday, according to exchange data.

The BSE benchmark jumped 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)




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