We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
National insurance
CSL50
Posts: 12 Forumite
Hi I currently earn £10,000 from my part time job and am nearly 55. I have looked at my state pension forecast and I need an additional 5 years NI contributions to get the maximum amount . What is the threshold of paying NI and if I am under can I pay in monthly now or is it best to wait when I am ready to retire at 67 and "buy " 5 years at once. I am also going to claim my private pension at 55 so will have £8,000 income from this. Not sure if that has any bearing but thought I had better say! Thank you in advance.
0
Comments
-
You don't need to pay NI to add qualifying years.CSL50 said:Hi I currently earn £10,000 from my part time job and am nearly 55. I have looked at my state pension forecast and I need an additional 5 years NI contributions to get the maximum amount . What is the threshold of paying NI and if I am under can I pay in monthly now or is it best to wait when I am ready to retire at 67 and "buy " 5 years at once. I am also going to claim my private pension at 55 so will have £8,000 income from this. Not sure if that has any bearing but thought I had better say! Thank you in advance.
Earning £123/week and your employer reporting this HMRC under the Real Time Information system is what is important.
You can check what they have been filing by looking at your Personal Tax Account.
Taking money from your pension won't change anything NI wise but you will start paying (more) tax then.0 -
Thank you for your time and clear answer much appreciated.0
-
There is a bit more detail hereCSL50 said:Thank you for your time and clear answer much appreciated.
https://www.litrg.org.uk/pensions/state-pension/national-insurance-and-state-pension#21 -
If you need the rates in future years, googling gets you straight there: https://www.gov.uk/national-insurance-rates-lettersCSL50 said:Hi I currently earn £10,000 from my part time job and am nearly 55. I have looked at my state pension forecast and I need an additional 5 years NI contributions to get the maximum amount . What is the threshold of paying NI and if I am under can I pay in monthly now or is it best to wait when I am ready to retire at 67 and "buy " 5 years at once. I am also going to claim my private pension at 55 so will have £8,000 income from this. Not sure if that has any bearing but thought I had better say! Thank you in advance.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards