NI Contributions on early retirement

NUMBER_6_2

I am applying for Early Retirement on a Final Salary Scheme. I am 56 years of age and have 38 years paid National Insurance Contributions. If I do retire early do I need to continue with these contributions and will there be any affect on my qualifying for a full state pension in any way when I reach 65.

Be seeing you!

CLAPTON

you will need 30 years contributions to get the full state pension... so no point in paying any more.

pazzamex

CLAPTON wrote: »

you will need 30 years contributions to get the full state pension... so no point in paying any more.

Does that mean opting out and if yes how do you do that, any help please.

Steve

EdInvestor

pazzamex wrote: »

Does that mean opting out and if yes how do you do that.

No. Opting out relates to the state 2nd pension, not the basic state pension.If you are not working, S2P is not relevant.You don't need to do anything.Get a forecast of your 2 state pensions here: https://www.thepensionservice.gov.uk

pazzamex

EdInvestor wrote: »

No. Opting out relates to the state 2nd pension, not the basic state pension.If you are not working, S2P is not relevant.You don't need to do anything.Get a forecast of your 2 state pensions here: www.thepensionservice.gov.uk

Thanks for the reply Ed, so your saying that even though I have paid in over 30 years ( I am 54 and want to retire before 55) I still have to continue to pay until I am 65 (sorry if this has been discussed elsewhere).

Steve

jancee_2

pazzamex wrote: »

Thanks for the reply Ed, so your saying that even though I have paid in over 30 years ( I am 54 and want to retire before 55) I still have to continue to pay until I am 65 (sorry if this has been discussed elsewhere).

Steve

No - you have already qualified for full basic state pension by having over 30 years of contributions. The other part of the state pension is an earnings related top up and can only be increased by actually earning rather than by continuing to buy stamps.