How soon before 55 is best to start asking for figures

JoeCrystal

Bravepants wrote: »

I was wondering that! I thought I might have had to go adjust my retirement spreadsheet! Phew!:p

Well, they might charge NI contributions on pension incomes or remove the exemption for the people over SPA on their earnings one day. A way to increase tax revenues, I suppose but seems politically infeasible.

nigelbb

JoeCrystal wrote: »

Well, they might charge NI contributions on pension incomes or remove the exemption for the people over SPA on their earnings one day. A way to increase tax revenues, I suppose but seems politically infeasible.

Charging NI contributions on pension incomes is fantastically unlikely not least because NI contributions are a tax on earned income.

Removing the exemption on paying NI contributions on salary for those over SPA is also unlikely as the fiction is that NI contributions pay for pension (rather than just being a disguised income tax). Any change would have to be phased in over a very long time & possibly only applied to new pensioners as it would be very unjust to take substantial extra tax from existing working pensioners. I don't pay NI as I am past SPA & would be very !!!!ed off indeed if my take home pay was suddenly cut by over £400 per month.