National Insurance on company pension

CABINET

My other half will be retiring soon and I am trying to work out how much we will actually receive.

Are we correct in assuming that the payment will be taxable but there will be no national insurance to pay?

Many thanks

jancee_2

CABINET wrote: »

My other half will be retiring soon and I am trying to work out how much we will actually receive.

Are we correct in assuming that the payment will be taxable but there will be no national insurance to pay?

Many thanks

You don't pay National Insurance after your state pension age.

MikeJones_2

Hi CABINET,

CABINET wrote: »

Are we correct in assuming that the payment will be taxable but there will be no national insurance to pay?

Correct, income received as a pension from a company pension scheme is taxable but there will be no NI to pay. (I added this just in case your partner is retiring before State Pension Age.)

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

Pixieboy

National Insurance contributions are not payable on pensions whatever your age. They are payable on earnings from employment/self employment between 16 and state pension age..

hope this helps

CABINET

Thanks everyone for the helpful answers. My husband has not yet reached state retirement age which is why I asked the question.