Britons over 40 have been urged to investigate buying back any missing years of National Insurance contributions to boost their pensions. Buying one year’s of missing NI contributions will cost £824, but it could boost the State Pension by £302.64 each year.

That means it would pay for itself in under three years, while an older person could expect to receive around £5,500 if they live another 16-17 years beyond retirement.

The increase in the pension income could be substantially higher…