April 2019 - Retirement

daygrove

Hi,
I am 65 on the 28 April 2019 and presently in Part Time work; I have checked my predicted pension on the .Gov website which is £154.81. Since the change in the Law my retirement age is now set for 1st November 2019. My record says that following NI contributions up to 5th April 2019 my predicted pension is £154.81 (which is the maximum I can receive). However it goes further saying that I must continue contributions up to my retirement age. If I do this what happens to the six months contribution as I will have reached my maximum pension in April 2019. Do I have to pay this money or should I leave my Job in April?

Can you help please?

tacpot12

No you don't have to pay this money. When it says that you must continue your contributions up to your retirement age what it means is that there is no way to avoid paying NI if you are working; if you are earning above the NI threshold, you have to pay the NI. But it won't increase your pension, so if you want to stop working in April and can afford to do so, then do so.

Enjoy your retirement!

drumtochty

If you work and are paid more than approx £170 a week, not the exact number, you pay NI up to state retirement age not 65.


NI pays for more than your state pensions.


Get off that high horse, do you consider the NHS does not have to be paid for after you are 65.


Carry on working until you can afford to retire or are ready to retire.

Aiki

From the GOV website my interpretation of the max state pension is £164.35 pw so if yours only says £154.81pw then my understanding is you are missing some years of contribution. Therefore you may find that working up to Nov19 and paying more NI may lead to more or perhaps if you relook at the quotation page you may see that the £154.81 relies on your paying upto November.

As other have said paying NI when working is a requirement and is for more than SP.

Good luch with your retirement whenever you stop.

Marcon

drumtochty wrote: »

Get off that high horse, do you consider the NHS does not have to be paid for after you are 65.

Why the abuse? OP has asked an innocent question - which is surely what this forum is supposed to be all about? If you can't stop yourself from being gratuitously rude, perhaps not answering at all would be the better bet.

AnotherJoe

drumtochty wrote: »

If you work and are paid more than approx £170 a week, not the exact number, you pay NI up to state retirement age not 65.


NI pays for more than your state pensions.


Get off that high horse, do you consider the NHS does not have to be paid for after you are 65.


Carry on working until you can afford to retire or are ready to retire.

They just asked a simple question!! No horses in sight.

GibbsRule_No3

Daygrove I am in the same boat, my SP is due to start March 2020 but I will need to pay NI for those 11 months from April 2019 If you work after SP age you will not I believe, pay NI anymore.
Aiki, Daygrove may have been contracted out, also like me, and although we receive extra for the whole tax years worked after April 2016 we would not be able to get the new “full” pension. If Daygrove wasn’t contracted out it might be worth looking at paying for the extra years.

Aiki

Hi GibbsRule
As most people I was also Contracted out so in my case I need 39 qualifying years. Fortunately I have time to do this since the SP age has moved back a couple of years.

My point was that when I first looked at the State Pension last week for myself and my wife, I had to look closely at how the forecast figures were presented, since on looking at the headlines the forecast said the maximum was possible but in smaller print below provided I contribute more.

minty777

The tax year you reach state pension age isn't counted towards your state pension

molerat

Aiki wrote: »

Hi GibbsRule
As most people I was also Contracted out so in my case I need 39 qualifying years. Fortunately I have time to do this since the SP age has moved back a couple of years.

My point was that when I first looked at the State Pension last week for myself and my wife, I had to look closely at how the forecast figures were presented, since on looking at the headlines the forecast said the maximum was possible but in smaller print below provided I contribute more.

It is though simply a case of reading the whole document rather than just looking at the big number at the top of front page.

daygrove

Hi,

I was 'contracted out' for quite a few years as I was contributing to a Local Authority Pension Scheme and am now in receipt of my LA pension (as I have been since 2012 when I took early retirement (ER)). After ER I took a part time job to supplement the pension I was receiving, which I am still doing. As I took ER my received pension isn't as much as I anticipated and need my SP to 'top it up' to an acceptable level. I have savings but don't want to dip into those yet. If I didn't pay NI contributions from my PT job it would give me a little bit extra which is really why I posted.