National Insurance Contributions

xylophone

I assume that when I stop taking a salary I stop paying NI?

You can still make voluntary contributions to improve your state pension.

Parking_Trouble

GibbsRule_No3. wrote: »

Parking tr how old are you? If you still have 5 years to get to full SP if you pay for those years but are retiring in June are you under 65/66?

Yes I am 61.

Avgeek

Sorry to hijack this thread - I'm new to this forum because it dawned on me recently that retirement is coming sooner than I thought it would.
I have an IFA and she's helping me to retire in 2-3 years - all seems well with that anyway - but I can't seem to find an answer about NI contributions between when I plan to retire (hopefully when I'm 62) until SP starts at 66. I have 44 years full contributions and 6 years to contribute according to the Govt site. Is there still a minimum amount I need to contribute each year so I protect my estimated SP amount? If this is not appropriate, please delete, I'm not up to speed with the protocols on here yet! Thanks a lot.

xylophone

What exactly does your pension forecast say?

You expect to pay NI while you are working and then voluntary contributions as required?

https://www.gov.uk/pay-voluntary-class-3-national-insurance

Avgeek

Pension forecast says £198.34 per week and I cannot improve my forecast any more. NI says 44 years of full contributions and 6 years to contribute before 5th April 2025. I will still be working for 2-3 years then 3-4 years drawing from my pensions until SP kicks in 2026. I'm getting mixed messages about keeping paying NI for the years I'm drawing down from my private pensions until SP starts in 2026. Possibly a simple answer? But I am a tad confused with this aspect. Thanks a lot.

molerat

If you are already in excess of the new maximum paying NI contributions by whatever method will make no difference to your pension. Whilst in employment you have no option but to pay NI, whilst not in employment there is no need to pay unless you want to get a warm fuzzy feeling inside by contributing to the nation's coffers for no personal gain

Avgeek

Excellent, thank you so much - loving this forum so far!
In fact I just checked my forecast again after the other thread about errors and my weekly has gone up to £203.40 now - inflation I guess. Thanks again, much appreciated.

boomer69

Hi, another NI related question please, I'm unemployed, looking for work but unable to claim JSA.
I have 36 years contributions, mostly contracted out so my forecast is £133.19. I retire in 2022

Someone has told me if I contact the job center I could get my "stamp" paid, is that correct ?

Dazed_and_confused

You could always contact the job centre and ask them.

Presumably that's what you're going to end up doing anyway irrespective of what any random person on here posts.

boomer69

Gee thanks.