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Do I pay NICs in early retirement?
MoneySavingTart
Posts: 91 Forumite
This might be a daft question but here goes.
I plan to take early retirement at age 55 in Dec 2008 having had continuous employment for 34 years since leaving full time education at age 21.
I will then draw my company pension. Will I have any NICs deducted?
I understand that I need 44 years of contributions to get full state pension and that I get credits for the 5 years from 60 to 65.
I am not concerned about the risk of not getting full state pension due to the 5 years shortfall in NIC history but will the revenue automatically deduct NICs to make up the shortfall or can I stop them doing so.
I have searched the web for such info without success.
TIA
Bob
I plan to take early retirement at age 55 in Dec 2008 having had continuous employment for 34 years since leaving full time education at age 21.
I will then draw my company pension. Will I have any NICs deducted?
I understand that I need 44 years of contributions to get full state pension and that I get credits for the 5 years from 60 to 65.
I am not concerned about the risk of not getting full state pension due to the 5 years shortfall in NIC history but will the revenue automatically deduct NICs to make up the shortfall or can I stop them doing so.
I have searched the web for such info without success.
TIA
Bob
0
Comments
-
No NICs are not payable on pensions.
In any event the rules for getting a full state pension change in 2010 so you no longer need 44 years; from april 2010 you will only need 30 years0
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