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.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Over paying NI Contributions?
Jooles13
Posts: 1 Newbie
I apologise if this has been discussed before, but as a new member, I haven't been able to find any relevant thread.
I fall into the changing of the retirement age. As my retirement date will be after 2010, instead of being able to retire/receive my state pension at 60, I will now have to be 64. However, by that time, I will have paid contributions for almost 47 years, as I've worked since I was 17. As the years for contibutions is being reduced to 30, will I be able to claim a refund for the additional 17 years I would have contributed? It seems unfair if that's not possible, considering the much reduced years younger people need only contribute. Many thanks for any advice. Jooles13
I fall into the changing of the retirement age. As my retirement date will be after 2010, instead of being able to retire/receive my state pension at 60, I will now have to be 64. However, by that time, I will have paid contributions for almost 47 years, as I've worked since I was 17. As the years for contibutions is being reduced to 30, will I be able to claim a refund for the additional 17 years I would have contributed? It seems unfair if that's not possible, considering the much reduced years younger people need only contribute. Many thanks for any advice. Jooles13
0
Comments
-
No you won't be able to reclaim0
-
You dont pay NI after age 60. So you wont be paying it any longer because of the change in your state retirement age. You are not paying anything more than anyone else would be paying. Qualification rules may be changing but you dont stop paying when you hit the maximum.It seems unfair if that's not possible, considering the much reduced years younger people need only contribute.
younger people would no doubt say its unfair that you get your state pension at 64 but they have to wait until age 68. Plus, they are getting lower second state pension benefits than you (assuming employed). Their current theoretical maximum based on current rates is £3390 where those older could get near double that potentially. men could feel its unfair that you get your state pension at 64 whilst they get theirs at 65.
Things are often not exactly fair.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
will I be able to claim a refund for the additional 17 years I would have contributed? It seems unfair if that's not possible, considering the much reduced years younger people need only contribute.
You appear to be under the mistaken impression that NI is only for your pension.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards