how much to live on???

jem16

XRS wrote: »

Sorry, I just need to get this straight in my own mind. So if the OP has already worked and contributed 30 years of NI, as he reaches the age of 65 after 2010 he will automatically receive a full pension and not have to continue to pay NI when he retires in August?

That's correct.

No, you need to be at state retirement age in 2010 to qualify. They are moving the goalposts then. Not fair on those who are retiring now and have well over 30 years but not the full amount required at present.

My OH is now 65, just retired, has paid for 37 years and has about £13 less than the full pension. (per week)

The OP is retiring early at age 52 so will be at state retirement age well after 2010 when the new rules of 30 years apply.

XRS

Thank you both for your input, but the score seems to be 1-1 at the moment . Can anyone point me in the direction of what is actually happening please? I am about to retire aged 54 after 35 years of full-time employment, and it would be good to know that I will be able to save a couple of grand a year or so by not paying NI

merseyscouse

XRS wrote: »

Thank you both for your input, but the score seems to be 1-1 at the moment . Can anyone point me in the direction of what is actually happening please? I am about to retire aged 54 after 35 years of full-time employment, and it would be good to know that I will be able to save a couple of grand a year or so by not paying NI

taken from http://www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/StatePension/DG_10014671

Currently men normally need 44, and women normally need 39 qualifying years to get the full State Pension.
However, if you reach State Pension age on or after 6 April 2010, you will need 30 qualifying years for a full Basic State Pension.

XRS

Thanks for the link - it's all clear now.

jennifernil

Sorry, I'm confused! I'm off to read that link.

I think I'm confused as we don't actually know if the OP has already contributed for 30 years.

jennifernil

Am I correct in thinking that even if one "retires" and has a pension, if under 60/65 and if one does any paid work then one must pay NI no matter how many years contributions one already has?

merseyscouse

jennifernil wrote: »

Sorry, I'm confused! I'm off to read that link.

I think I'm confused as we don't actually know if the OP has already contributed for 30 years.

i have been in constant employment since i was 16, although contributions did not count until i was 18, so, 34 qualifying years todate. I will be 65 in 2021 well past the 2010 change, therefore no more contributions needed.

Obviously if i carry on working i have no choice and would have to carry on making the contributions!!

jem16

jennifernil wrote: »

Am I correct in thinking that even if one "retires" and has a pension, if under 60/65 and if one does any paid work then one must pay NI no matter how many years contributions one already has?

Yes that's correct. If you do paid work you have no choice but to pay NI.