Another contributions question :)

Daz2009

My situation is I'm 60yrs old and have been self employed for the last 35 years.
I have just closed my business and told HMRC I am no longer self employed.
I do not intend to work again before I reach my state retirement age at 67.
I will be living off savings/investments.
My state pension forecast says I will get the full pension and have 43 years of full contributions.
So am I right in thinking I don't have to make any further contributions ?

DE_612183

Mine says specifically:

£203.85 is the most you can get

You cannot improve your forecast any more.

Dazed_and_C0nfused

Daz2009 said:

My situation is I'm 60yrs old and have been self employed for the last 35 years.
I have just closed my business and told HMRC I am no longer self employed.
I do not intend to work again before I reach my state retirement age at 67.
I will be living off savings/investments.
My state pension forecast says I will get the full pension and have 43 years of full contributions.
So am I right in thinking I don't have to make any further contributions ?

That would depend on whether you need to make compulsory Class 2 contributions for 2023-24.

Daz2009

Dazed_and_C0nfused said:

Daz2009 said:

My situation is I'm 60yrs old and have been self employed for the last 35 years.
I have just closed my business and told HMRC I am no longer self employed.
I do not intend to work again before I reach my state retirement age at 67.
I will be living off savings/investments.
My state pension forecast says I will get the full pension and have 43 years of full contributions.
So am I right in thinking I don't have to make any further contributions ?

That would depend on whether you need to make compulsory Class 2 contributions for 2023-24.

Well yes,there is that,but beyond that ?

Dazed_and_C0nfused

Daz2009 said:

Dazed_and_C0nfused said:

Daz2009 said:

My situation is I'm 60yrs old and have been self employed for the last 35 years.
I have just closed my business and told HMRC I am no longer self employed.
I do not intend to work again before I reach my state retirement age at 67.
I will be living off savings/investments.
My state pension forecast says I will get the full pension and have 43 years of full contributions.
So am I right in thinking I don't have to make any further contributions ?

That would depend on whether you need to make compulsory Class 2 contributions for 2023-24.

Well yes,there is that,but beyond that ?

Not voluntarily no.

If you started a new job (employment) and earned enough you would still have to pay Class 1 NI even though it wouldn't be of any benefit from State Pension purposes.