When do I stop paying National Insurance?

Mrs_Money

I have a state pensionable retirement age of just under 64 years, does this mean I will continue to pay NI contributions until then? I've got a feeling that they won't stop at 60 - anyone know if I'm right?

dzug1

Mrs_Money wrote: »

I have a state pensionable retirement age of just under 64 years, does this mean I will continue to pay NI contributions until then? I've got a feeling that they won't stop at 60 - anyone know if I'm right?

Correct

http://www.hmrc.gov.uk/pensioners/paying-making.htm#1

Newly_retired

Yes, you have to continue to pay if you are still working.
If not, and you are in receipt of benefits, you may get NI credits.
You may be able to make voluntary contributions, or you may not need them as the requirements may have changed for you.
I suggest you get a Pension forecast to see if you will get full State Pension.

moneyistooshorttomention

That has got me wondering now.

I've now retired, but won't be eligible for my State Pension for a while yet (courtesy of a revised State Pension Age).

I've done my 30 years worth of NI contributions. In fact, I've done the 39 years worth that were what was required of women when I started work.

Am I correct in my assumption that I won't find any NI is taken off me any more - now that my income is pension, rather than salary? I have been assuming that NI contributions would automatically stop the second my "salary" stops and turns to "pension" instead and that I could then forget about NI (because I have put in the years required).

Bigmoney2

moneyistooshorttomention wrote: »

That has got me wondering now.

I've now retired, but won't be eligible for my State Pension for a while yet (courtesy of a revised State Pension Age).

I've done my 30 years worth of NI contributions. In fact, I've done the 39 years worth that were what was required of women when I started work.

Am I correct in my assumption that I won't find any NI is taken off me any more - now that my income is pension, rather than salary? I have been assuming that NI contributions would automatically stop the second my "salary" stops and turns to "pension" instead and that I could then forget about NI (because I have put in the years required).

Yes, you are correct. Tax only on the pension over the personal allowance

You may also get a small tax rebate sometime after April next year as for this year it will ahve been assumed that your salary would be for the whole tax year.

Don't to forget to send off any tax (P61) forms you may receive.