State pension question? 27 February at 12:36PM in Pensions, annuities & retirement planning 5 replies 317 views

airport1000

If someone is already getting the state pension paid monthly into their bank account. If they then become homeless will the state pension still be paid into their bank account.

molerat

State pension is not dependant on housing status.  If it is paid into a bank account it will carry on the same.

airport1000

Thank you for the quick reply.

RAG59

I am 63 and I am fully paid up 47 years, with no gaps.  I do work full-time, but why do I still have to pay NA?.  Is it to fund others who don't pay in?

molerat

RAG59 said:

I am 63 and I am fully paid up 47 years, with no gaps.  I do work full-time, but why do I still have to pay NA?.  Is it to fund others who don't pay in?

National Insurance is simply another tax paid on employment income and funds other things apart from state pensions.  If your SP is actually fully funded, just because you have 47 years of contributions does not necessarily mean it is, if you stop working you will not have to pay any more NI.

xylophone

I am 63 and I am fully paid up 47 years, with no gaps.  I do work full-time, but why do I still have to pay NA?.  Is it to fund others who don't pay in?

Have you checked your state pension forecast?

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

If your forecast based on your contributions at 5/4/22 does indeed show an amount equal to or greater than a full NSP, then your NI contributions will not improve the forecast.

However, NI is payable if you are working and earning the relevant amount up to the time that you reach State Pension Age.

While there is a link between NI and SP (see https://en.wikipedia.org/wiki/National_Insurance), in effect it is just another tax on employment income and it pays for more than just state pensions.