National insurance stamps

bonkers12

Dear all,

I have retired at 62 years old, i have a small company pension which along with some savings will get me to state pension age if im carefull, i have 46 full years of national insurance contributions, my question is will i need to carry on paying national insurance contributions till state pension retirement age ? thank you.

Linton

You dont need to pay NI if you dont receive earnings from employment and in your case there is no point in paying NI voluntarily.

molerat

You need to obtain your starting amount from a pension forecast. If it is above £155.65 then you can do no more, if below you can boost to £155.65 by post 2016 voluntary contributions (or employment/benefits) in £4.45 per week increments.

xylophone

Earlier posts indicate that you are in receipt of a DB pension - this means that you were probably contracted out for a number of years.

This may well mean that your "starting amount" is under the full new state pension.

As above, obtain a new state pension forecast https://www.gov.uk/check-state-pension

http://citywire.co.uk/new-model-adviser/news/steve-webb-how-to-boost-new-state-pension-payments/a827032

System

That takes me back, calling them "stamps".
When were the stamps stuck on a card abolished?

speedyrite

OT but I was just about to ask if anybody remembered when NI was actually paid by buying stamps!

"Stamp cards for class 1 (employed) contributions persisted until 1975 when these contributions finally ceased to be flat-rate and became earnings related and were collected along with Income Tax under the PAYE procedures. Making NI contributions is often described by people as paying their stamp."

source: https://en.wikipedia.org/wiki/National_Insurance

JezR

Contrast that position to today where the benefits accrued are back to being a flat rate per year, but the contributions themselves remain earnings related - and at a percentage approximately twice that of 1975.