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Early retirement and NI
jem16
Posts: 19,700 Forumite
in Cutting tax
Two colleagues have just been offered early retirement from teaching with 2 years enhancement. They have 32 & 34 years of service and have paid NI for those years too.
However they won't receive their state pensions until 2014 at the earliest. Am I right in saying that they won't need to pay any more NI if they take this offer as they already have 30 years NI contributions?
However they won't receive their state pensions until 2014 at the earliest. Am I right in saying that they won't need to pay any more NI if they take this offer as they already have 30 years NI contributions?
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Comments
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Please ignore - posted in wrong board.
Mods feel free to delete please.0 -
No, if they continue to earn wages or profits from self employment in excess of the NIC thresholds, then they carry on paying NIC until state retirement age, even though they don't get any more benefits.0
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I realise if they are earning a wage then yes they have to pay NI.
However they are retiring from their job and will not have a wage, only their pension from the teaching service.0
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