National Insurance Query

NottinghamKnight

A little bit extra for the NHS to look on the bright side.

50Twuncle

NottinghamKnight said:

A little bit extra for the NHS to look on the bright side.

Don't you mean to pay for MP's expenses ?

mark55man

whatever makes you happiest - coz those ££££ are in the mix somewhere

NottinghamKnight

50Twuncle said:

NottinghamKnight said:

A little bit extra for the NHS to look on the bright side.

Don't you mean to pay for MP's expenses ?

Maybe, or benefits etc

VXman

p00hsticks said:

50Twuncle said:

NI was removed at a rate of 12% - which I will not gain any state pension due to the fact that a single month makes no effect !

This was clearly an error but how exactly do I reclaim the incorrectly deducted contributions ?

It's not 'clearly an error' - it's how the NI system works. Your pay for that week was more than the primary threshold of £183, and so your employer correctly deducted NI.  You can't claim it back.

The fact that you won't gain any state pension from it is neither here nor there - after all, there are plenty of people of working age around who have already obtained the maximum state pension requirement but need to continue paying if they have sufficient earnings.

Exactly. think of it as a tax....cause that's what it is!

nigelbb

50Twuncle said:

NottinghamKnight said:

A little bit extra for the NHS to look on the bright side.

Don't you mean to pay for MP's expenses ?

No. National Insurance contributions are ring fenced in the National Insurance Fund to pay for pensions plus a contribution towards the NHS & cannot be used pay for MP's expenses.

t0rt0ise

nigelbb said:

50Twuncle said:

NottinghamKnight said:

A little bit extra for the NHS to look on the bright side.

Don't you mean to pay for MP's expenses ?

No. National Insurance contributions are ring fenced in the National Insurance Fund to pay for pensions plus a contribution towards the NHS & cannot be used pay for MP's expenses.

Not just pensions, other benefits too. Also any surplus helps to pay off the national debt (according to fullfact.org).

JezR

The NI fund in effect is deposited with the Debt Management Office which in effect reduces Government need to borrow from somewhere else at that specific time but since it is always on call it doesn't in any real sense "pay off" any National Debt. This lending status used to be clearer when the NIF actually owned specific Government gilts although this way was more expensive to administer.

nigelbb

t0rt0ise said:

nigelbb said:

50Twuncle said:

NottinghamKnight said:

A little bit extra for the NHS to look on the bright side.

Don't you mean to pay for MP's expenses ?

No. National Insurance contributions are ring fenced in the National Insurance Fund to pay for pensions plus a contribution towards the NHS & cannot be used pay for MP's expenses.

Not just pensions, other benefits too. Also any surplus helps to pay off the national debt (according to fullfact.org).

Apologies I forgot that other contributory benefits are paid for by National Insurance contributions.