When do you stop paying NI?

artha

Isy it when you reach state pension age or when you retire before 65 on a company pension?

CLAPTON

you stop paying NI when a women reaches 60 or a man reaches 65.
You don't pay NI on pension income at any age.

artha

CLAPTON wrote: »

you stop paying NI when a women reaches 60 or a man reaches 65.
You don't pay NI on pension income at any age.

so if I retire now at age 57, take my company pension, and get a part time job i will only pay NI on the part time job income?

lowbrim

artha wrote: »

Isy it when you reach state pension age or when you retire before 65 on a company pension?

Yes (as you say) but if you want to pick up the full state pension when you retire you need to make sure you have enough contributing years. If you are short and have not reached retirement age but stopped work with a company pension you can elect to pay voluntary contributions until you reach the correct number of years for a full state pension. If you ask for a pension forecast through the National Insurance Office they will tell you what your options are.

lowbrim

artha wrote: »

so if I retire now at age 57, take my company pension, and get a part time job i will only pay NI on the part time job income?

Yes correct

artha

lowbrim wrote: »

Yes (as you say) but if you want to pick up the full state pension when you retire you need to make sure you have enough contributing years. If you are short and have not reached retirement age but stopped work with a company pension you can elect to pay voluntary contributions until you reach the correct number of years for a full state pension. If you ask for a pension forecast through the National Insurance Office they will tell you what your options are.

Although I've been in a company pension scheme for 30 years now I beleive I've got enough basic contributions i.e 30 years ?to get the basic state pension at 65. I was considering retiring a few years ago but at that time you needed 44 years (I think) to get the basic pension. I imagined at the time that after retiring I would have to get a part time job or register as available for work in order to complete my NI record to get full pension at 65.Just to put the record straight I'm not averse to getting another job after retirement to make sure I get the full pension but the recent changes? put less pressure on me. Do you agree?

jancee_2

Yes. If you are 57 now you will only need 30 qualifying years. Also, automatic credits would have applied anyway - between the ages of 60 and 65 men have been credited with full qualifying years even if NI wasn't paid. This is being phased out for men born between 1950 and 1955 but if you were born in 1951 you would probably get four years, thus topping up your record if you weren't quite at the required 30.

Get a forecast. Easy to do online from https://www.thepensionservice.gov.uk or call them.

glitterkitty

you get the pension forecast through the DWP not the national insurance office, and the telephone number is 0845 3000 168

lowbrim

artha wrote: »

Although I've been in a company pension scheme for 30 years now I beleive I've got enough basic contributions i.e 30 years ?to get the basic state pension at 65. I was considering retiring a few years ago but at that time you needed 44 years (I think) to get the basic pension. I imagined at the time that after retiring I would have to get a part time job or register as available for work in order to complete my NI record to get full pension at 65.Just to put the record straight I'm not averse to getting another job after retirement to make sure I get the full pension but the recent changes? put less pressure on me. Do you agree?

Yes as the other contributers say. Enjoy your retirement!

Oblivion

I was allowed to retire early at the age of 58 due to health problems, and one of the nicest things is to see that monthly pension payslip arrive with no NI contributions deducted

Mind you, I think I earned the right since I started paying NI way back in the mid-sixties when I stacked supermarket shelves evenings and weekends. I was amazed to find I had clocked up 42 years qualifying for state pension when I retired. It made me feel very old. :rotfl:

Trouble is, I've still got to wait just over 5 years before I'll actually start receiving my state pension ... that's if the government hasn't changed the rules yet again by then. :rolleyes:

Anyway, to the OP, make the most of your retirement ... it should and can be the best time of your life.

Dave

sebastianj

Is it not true that the last 5 years before retirement, NI contributions are automatically credited if you don't have a proper job??
rgd seb