NI contributions

CIS

so just to clarify ..... if the rule is about to change ..... then will i stop paying NI once i have made 30 years worth of contributions....?

NI will still have to be paid - remember that the majority of NI doesn't just help towards your pension, its towards the NHS and the benefits system as well.

You will still need 44yrs+(depending on pension age) to accrue a full State Second Pension.

molly_mandy_2

CIS - please can you unconfuse me as I'm so very confused (as per usual) !!

If the rule is about to change and we will only have to make 30 years worth of contributions, why, as you say above, will we need 44+ years.

Will they inform us when we have made enough?

Soooooooo confused (or ashamedly being very thick)!

david78

I think there's a bill going through parliament to change the number of years needed to 30. If it happens you might not want to buy a couple of years as you won't need them.

I think you can make-up contributions missed in any of the last 6 years, so there is no point in making contributions now. Just wait 5 years or so, if the law changes before then don't make additional contributions, if it doesn't change, make them then.

EdInvestor

You will still have to pay NI if you are working.This money goes to pay for your second state pension, plus funds parts of the benefits system/NHS.

But if you aren't working and you already have paid 30 years conts while employed, you won't have to make any extra voluntary contributions to get the full basic state pension, providing you retire after 2010.

molly_mandy_2

Ah ha! :T

I finally understand. Thanks so much

Vicky46

At 60, I retired from f/t employment in Nov last year with a shortfall of 13 years in contributions and paid back 4 years (£900) to give me £74 weekly. I'm now working part time with another company who are deducting NI. Does that mean I would be entitled to sickness benefit if off sick ? and/or am I entitled to a refund of these extra contributions ? or does that get me more pension since I'm paying contributions ? and does the new law mean that my pension will be increased because I will have 31 years of contributions
I hope this makes sense