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National insurance

tess0209
tess0209 Posts: 2 Newbie
in Pensions, annuities & retirement planning
I am a 60 year old woman due to get my state pension at 65. I am planning to retire on my teachers pension before then as I can take that. Do I have to pay NI if I no longer work?

Comments

  • jem16
    jem16 Posts: 19,750 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    tess0209 wrote: »
    Do I have to pay NI if I no longer work?

    No you won't have to pay NI. Just make sure you already have enough contributions for your state pension.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    tess0209 wrote: »
    I am a 60 year old woman due to get my state pension at 65. I am planning to retire on my teachers pension before then as I can take that. Do I have to pay NI if I no longer work?

    You don't pay NI on pension income, and you don't pay ni above normal retirement age.

    So if you live off your teachers pension you oay no NI, but were you to get or continue to work then you would pay NI on your salary until you reach retirement age.

    You are, of course, subject to tax on pensions at standard rates with your personal allowance.
  • jem16
    jem16 Posts: 19,750 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    bigadaj wrote: »
    and you don't pay tax above normal retirement age.

    I take it you meant NI and not tax?
  • tess0209
    tess0209 Posts: 2 Newbie
    Yes, I know I have to pay tax sadly.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    jem16 wrote: »
    I take it you meant NI and not tax?

    Yup, but you never know!
This discussion has been closed.
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