State Pension Changes NI Contributions

[glasgowcyclist]

NI contribution records are simply a method of calculating entitlement to certain 'contributory benefits', of which the state pension is only one, though since 2010 the value of the others has declined significantly or disappeared altogether.

I didn’t realise other benefit entitlements were based on NI contributions. Which other benefits are determined this way?

 

[SpokeyDokey]

I didn’t realise other benefit entitlements were based on NI contributions. Which other benefits are determined this way?

 

[midlife]

Governments will put up NI to pay for all sorts of things including the NHS

https://www.telegraph.co.uk/news/uk...oters-support-Browns-1p-tax-rise-for-NHS.html

I'm not sure if we have any true hypothecated taxes?

 

[glasgowcyclist]

View attachment 695107

Thanks.

I knew that NI helped finance other benefits but not that entitlement to those benefits was based on your level of qualifying contribution, as with the state pension.

 

[SpokeyDokey]

Governments will put up NI to pay for all sorts of things including the NHS

https://www.telegraph.co.uk/news/uk...oters-support-Browns-1p-tax-rise-for-NHS.html

I'm not sure if we have any true hypothecated taxes?

A blast from the past!

 

[simongt]

Prior to claiming my State Pension, I took the precaution of printing off my NI contribution record and as I decided to work beyond the 65 qualifying age for another five years, I didn't pay any more NI for the last five years, presumably because I'd 'done my stint.'

 

[PK99]

Prior to claiming my State Pension, I took the precaution of printing off my NI contribution record and as I decided to work beyond the 65 qualifying age for another five years, I didn't pay any more NI for the last five years, presumably because I'd 'done my stint.'

No one pays after reaching the state pension age except for voluntary contributions to boost pension years.

 

[Deleted User]

No one pays after reaching the state pension age except for voluntary contributions to boost pension years.

Even if you work full time on a PAYE basis?

 

[midlife]

Even if you work full time on a PAYE basis?

Yep, my colleagues who have retired/returned and over state pension age pay no NI. (and get their state pension and salary)

 

[ClichéGuevara]

Even if you work full time on a PAYE basis?

You do not pay National Insurance after you reach State Pension age - unless you’re self-employed and pay Class 4 contributions. You stop paying Class 4 contributions at the end of the tax year in which you reach State Pension age.

https://www.gov.uk/tax-national-ins...surance-,Overview,you reach State Pension age.

 

[rogerzilla]

My state pension record says I've made 37 years of full contributions (since 16 - Saturday and holiday jobs count) and I need one more for 38 in total. Officially you only need 35 years. I don't fully understand why it's going to be 38 for me, but they moved the goalposts in 2016.

 

[Supersuperleeds]

I've done 33 years (actually 34 as they've haven't updated for 2023/24 yet with another 16 to go (15 really)

 

[yello]

Officially you only need 35 years. I don't fully understand why it's going to be 38 for me, but they moved the goalposts in 2016.

I've done 33 years (actually 34 as they've haven't updated for 2023/24 yet with another 16 to go (15 really)

There’s a magic formula somewhere. I'm sure it makes perfect sense to those that know it and it's ingredients... but for the rest of us, indeed I suspect the majority of us, it remains a mystery.

I've posted above that it concerns me, to the point of near paranoia, that I'm going to reach my SP age only to be told 'whoops, we made a mistake' and there's nothing I'll be able to do about it.

 

[Supersuperleeds]

There’s a magic formula somewhere. I'm sure it makes perfect sense to those that know it and it's ingredients... but for the rest of us, indeed I suspect the majority of us, it remains a mystery.

I've posted above that it concerns me, to the point of near paranoia, that I'm going to reach my SP age only to be told 'whoops, we made a mistake' and there's nothing I'll be able to do about it.

My post might have been misleading, I mean't 16 years to go to retirement age, not 16 years to get full state pension

 

[midlife]

I've been in paid employment with NI being deducted every pay day since December 1982. I'm not holding my breath as I'm sure at some stage they will make the state pension means tested...