National insurance contributions 40 years plus. Help ?

Foxyuk13

Hi guys 

wife is self employed for max state pension you must have 35 full years she is sitting at 41 years paid.    Retirement  is 2030.    Is there any point in continuing to pay in when you are at max.     This year she has class 2 and class 4 to pay.  Seems a waste of £400.       If they do change the amount of years all she needs to do is pay voluntarily for previous years 

any advice ? 

sammyjammy

35 years generally only applies to those who started their working life in 2016, she may need many more.  First thing to do is to get a pension forecast, don't just look at headline amount but lower down and how many more years she needs to pay.

p00hsticks

Foxyuk13 said:

Hi guys 

wife is self employed for max state pension you must have 35 full years she is sitting at 41 years paid.    Retirement  is 2030.    Is there any point in continuing to pay in when you are at max.     This year she has class 2 and class 4 to pay.  Seems a waste of £400.       If they do change the amount of years all she needs to do is pay voluntarily for previous years 

any advice ? 

The 35 years only applies to those who started their working life after the introduction of the new State Pension in April 2016. The rest of us fall under transitional rules and may need more or less. She needs tcheck her State Pension forecast and see what it says - it will tell her if she stil lneeds to make contributions to reach the maximum.

https://www.gov.uk/check-state-pension

I'm assuming that when you say that 'this year she has Class 2 and Class 4 to pay' that she actually has a choice - as I understand it paying NI as self-emplyed is only voluntary if her earnings are under a certain amount or she falls into certain categories such as exam invigilators.

Dazed_and_C0nfused

AIUI Class 4 isn't optional in any circumstances.

If the taxable profits are high enough then it needs to be paid.

Foxyuk13

41 years paid ni to date   So why woulld u keep contributing voluntary.  

eskbanker

Based on that, any further NI payments won't increase her state pension, so there's no point in making any voluntary ones, but the last line of your image reinforces the point made by others in earlier posts that there may be mandatory requirements.

Marcon

Foxyuk13 said:

41 years paid ni to date   So why woulld u keep contributing voluntary.  

No point paying voluntary NI, but your wife may have to pay NI if she is still working.

Foxyuk13

Will get her to call tomorrow see where the land  lies 

molerat

Foxyuk13 said:

41 years paid ni to date   So why woulld u keep contributing voluntary.  

41 years does not guarantee a full pension so voluntary contributions could be beneficial to some but in this particular case there is no point as the full amount has been reached.

NannaH

If she earns above £11900,  she HAS to pay both regardless 😉
More than £6725 and she only has to pay class 2. 

p00hsticks

Foxyuk13 said:

Will get her to call tomorrow see where friend lies 

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