Do I pay National Insurance if I retire before SRA

molerat

JackieGB wrote: »

Just looked it up, I have 36 years before 2016.
Many thanks

You need to look at the amounts of pension quoted, having 36 years does not necessarily mean you will get a full pension.

Silvertabby

“ Just looked it up, I have 36 years before 2016.
Many thanks
Originally posted by JackieGB

molerat wrote: »

You need to look at the amounts of pension quoted, having 36 years does not necessarily mean you will get a full pension.

As molerat says. I have 44 years pre 2016 - of which 38 were contracted out.

badmemory

Don't believe what the papers say about state pension either. They only seem to quote the increases in the new state pension, not the old. Last week I had to explain to a friend of mine that he was going to get £2 per week increase less than the papers were saying. He had read it in several papers so believed it. Do NONE of them do any fact checking any longer? I expect that sort of rubbish online but in print! It is no wonder that many of us no longer believe a word we read anywhere!

Malthusian

Unless they explicitly claimed that everyone would get £2 a week extra it's not incorrect to quote the increase for a full New State Pension.

People don't understand percentages (© the FCA) so the newspapers feel they have to quote something in pounds and pence. The rate for the New State Pension is as good as any. In reality, different NI records, contracting in/out etc mean everyone could have a different amount. The newspapers have to pick something to use for their £s and ps figure. Not many people have nothing but an old Basic State Pension.

JackieGB

It said that I will get about £3/week short of the maximum £168.60/week, as I’ve got a part year showing I could pay £350 to make up the full year and then I will get the maximum, which I will probably do. Other than paying for another year of NI contributions (instead of paying the £350) is there any need to sign on/get sick notes?
Thanks very much

jamesd

JackieGB wrote: »

It said that I will get about £3/week short of the maximum £168.60/week, as I’ve got a part year showing I could pay £350 to make up the full year and then I will get the maximum, which I will probably do. Other than paying for another year of NI contributions (instead of paying the £350) is there any need to sign on/get sick notes?
Thanks very much

Do you have at least one year before the year in which you reach your state pension age? Following comments normally would work if the answer is yes, not if it's no. Or is 2019-20 the year before?

Signing on normally gets you a credit for each week so by continuing to sign on for a full tax year you might get a year for no money cost, just the hassle.

Are you a carer for anyone? Another way to get credits.

Are you self-employed? Lower rate to buy NI that way but maybe too much HMRC hassle to it.

JackieGB

Thanks, I have 36 years and I’m 60. My pension will start when I’m 66.

badmemory

Malthusian wrote: »

Unless they explicitly claimed that everyone would get £2 a week extra it's not incorrect to quote the increase for a full New State Pension.

People don't understand percentages (© the FCA) so the newspapers feel they have to quote something in pounds and pence. The rate for the New State Pension is as good as any. In reality, different NI records, contracting in/out etc mean everyone could have a different amount. The newspapers have to pick something to use for their £s and ps figure. Not many people have nothing but an old Basic State Pension.

They should have said that the increase they were talking about referred to the NEW state pension. Especially as there are a lot more people still on the old state pension than on the new.

jamesd

JackieGB wrote: »

Thanks, I have 36 years and I’m 60. My pension will start when I’m 66.

Cheapest for you is to continue signing on because that will get you the year at no money cost as a credit. This tax year might do it, then you can stop once it's showing in your record.

That's under current rules. No guarantee that they can't be changed four years from now to make more years useful. I haven't seen any sign of that bu things can change.