Do i need to pay any more NIC's after taking early retirement?

Pinkfloydlover67

Hi Guys,

Quick question,

I am a male and was born after 6 April 1951, im 58 this year.

My NI record on the Goverment gateway website shows full NIC's years from 1983 up to 2024.

The Goverment gateway website shows me my pension forecast and shows me the payment i would receive at state pension age and states its the most i can get.

I took early retirement in June 2023 so i no longer pay any NIC's, only tax on my company pension.

My question is as from 2024 i will no longer pay any more NIC's to the goverment, will this affect my pension forecast each year IE will it reduce, as from 2024 up to state pension age i'll be paying no more into the system?

Do you think i will have to pay for any future missing years?

Thanks in advance Paul.

Linton

Pinkfloydlover67 said:

Hi Guys,

Quick question,

I am a male and was born after 6 April 1951, im 58 this year.

My NI record on the Goverment gateway website shows full NIC's years from 1983 up to 2024.

The Goverment gateway website shows me my pension forecast and shows me the payment i would receive at state pension age and states its the most i can get.

I took early retirement in June 2023 so i no longer pay any NIC's, only tax on my company pension.

My question is as from 2024 i will no longer pay any more NIC's to the goverment, will this affect my pension forecast each year IE will it reduce, as from 2024 up to state pension age i'll be paying no more into the system?

Do you think i will have to pay for any future missing years?

Thanks in advance Paul.

State Pension is accrued year by year. Not paying a future NI year does not decrease that value.  Paying post-2016 voluntary NI only helps you if you have not already accrued the current full State Pension.

Assuming your SP forecast is based on your current situation and does not assume you will continue working then you have nothing to worry about.

molerat

As long as your forecast only has one amount and the following statement

£221.20 is the most you can get
You cannot improve your forecast any more

then you do not need to do anything.  What you have already got cannot be taken away.

FIREDreamer

molerat said:

As long as your forecast only has one amount and the following statement

£221.20 is the most you can get
You cannot improve your forecast any more

then you do not need to do anything.  What you have already got cannot be taken away.

Unless a means test is applied in the future. Though it would take a brave government to attempt that.