NI contributions

robbiequitbarking

Hi . New to the forum so apologise if my question has been asked before. I read on the site that I only need 30 years contributions to receive a full state pension. I have worked all my life and am now self employed, do I still need to pay national insurance contributions. I retire in 2018.

purdyoaten

You do need 30 years contributions to qualify for the full pension in 2018. However, it is compulsory to pay NIC until you reach state pension age.

greenglide

As part of the changes for Single Tier Pensions expected in April 2016 the requirement goes up from 30 to 35 years contributions.

The self employed contributions arent optional anyway are they?

LittleVoice

purdyoaten wrote: »

You do need 30 years contributions to qualify for the full pension in 2018. However, it is compulsory to pay NIC until you reach state pension age.

For the self-employed, Class 4 NI is payable in respect of the entire contribution year in which the person reaches state pension age. Class 2 ceases at state pension age - or earlier if they cease trading.

NI is meant to cover other things as well as a pension.