vmaxphil Posted January 10, 2018 Report Share Posted January 10, 2018 I will be taking early retirement on decimal day in February, I have 44 years paid up in national insurance and will take my state pension in 6 years time, the question I'm asking is do I have to pay in / sign-up for n i for the next 6 years?. I have looked on .gov but can't find the answer I hope someone on here can or had experience of it answer me Phil Quote Link to comment Share on other sites More sharing options...
old'un Posted January 10, 2018 Report Share Posted January 10, 2018 Think you have enough qualifying years to get state pension, this might help you decide…https://www.gov.uk/new-state-pension/how-its-calculated Quote Link to comment Share on other sites More sharing options...
Matty89 Posted January 10, 2018 Report Share Posted January 10, 2018 I assume you will have no other form of income and reliant on your private / work pension or savings? If that's the case then no you are not eligible to pay NI if you don't 'earn' over £113 a week. Quote Link to comment Share on other sites More sharing options...
Scotty99 Posted January 10, 2018 Report Share Posted January 10, 2018 If you are retired and not working and have a pension(s) as your sole income you do not pay NI contributions. Quote Link to comment Share on other sites More sharing options...
yod dropper Posted January 10, 2018 Report Share Posted January 10, 2018 The question is how many years you need for your full state pension and it does vary. I need 35. Quote Link to comment Share on other sites More sharing options...
bobthedug Posted January 10, 2018 Report Share Posted January 10, 2018 (edited) I was in a similar position. You can log in to the Govt website for pensions. You need a passport and driving licence and it will tell you the exact date and amount of State Pension you are entitled to. As yod dropper has stated, the amount does vary. I think if you have worked for 44 years you will be close to full state pension In answer to your question, you do not need to sign on or make further contributions unless you are short for obtaining the full pension and wish to do so. Edited January 10, 2018 by bobthedug Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted January 11, 2018 Report Share Posted January 11, 2018 I did the same. You don't need to pay unless you earn significantly. With 44 qualifying years I think you will have enough, but do check that yourself. Enjoy it. I am. Quote Link to comment Share on other sites More sharing options...
vmaxphil Posted January 11, 2018 Author Report Share Posted January 11, 2018 Thanks lads mostly as I thought, I'll just have to wind down now that's if I actually wound up in the first place Quote Link to comment Share on other sites More sharing options...
hawkeye Posted January 11, 2018 Report Share Posted January 11, 2018 I retired at 55 after 40years without being out of work except for 6 weeks didn't draw any dole or any benefits.. When i retired i checked up and was told that after 40 years i did not have to pay any more contributions asked for it in writing and got the letter a few days later.. So 10 years later When i drew my OAP at 65 it was far more than i expected so back on the phone asking them to check as i thought they had made a mistake... Only to be told it was correct so i asked why it was higher than i expected and was told as my late wife had paid NI contribution all her life i was entitled to her share.. Who was i to argue so went out and bought myself a new rifle...been retired coming up 16 years in April this year..often wonder how i found time to go to work.. Quote Link to comment Share on other sites More sharing options...
sitsinhedges Posted January 11, 2018 Report Share Posted January 11, 2018 The amount of years you needed was reduced some time back, I believe to make it easier for people from the EU to qualify, think it's about 30yrs you need now. Quote Link to comment Share on other sites More sharing options...
norfolk dumpling Posted January 12, 2018 Report Share Posted January 12, 2018 Vmaxphil - unless I missed it you didn't mention your age. I'm assuming you are 65 soon. If this is the case then as far as future contributions are concerned these stop even if you continue to work as I have done. Once you have registered for your pension - I did this online which worked well - you will receive a certificate to pass on to any future employer to ensure NI not deducted. You will however pay tax if earnings exceed tax allowance figure. DWP will outline how much you are to be paid and when. They are not forthcoming however in starting payment - I think they hope you defer your state pension - so you will still have to phone them a couple of weeks prior to your 65th to ensure payment is made!! Been through this a couple of months ago and all working well. Quote Link to comment Share on other sites More sharing options...
mellors Posted January 12, 2018 Report Share Posted January 12, 2018 13 hours ago, vmaxphil said: Thanks lads mostly as I thought, I'll just have to wind down now that's if I actually wound up in the first place Hi. Ring the pensions line and ask for a forecast. Also ask for details of any missing NI contributions. I retired at 60 and had 4 missing payments. I paid them £61 it made £4, 20 a week extra on my pension. You won't pay NI unless you earn. Pensions are exempt. You only pay tax on the excess over your personal allowance. Quote Link to comment Share on other sites More sharing options...
vmaxphil Posted January 12, 2018 Author Report Share Posted January 12, 2018 11 hours ago, norfolk dumpling said: Vmaxphil - unless I missed it you didn't mention your age. I'm assuming you are 65 soon. If this is the case then as far as future contributions are concerned these stop even if you continue to work as I have done. Once you have registered for your pension - I did this online which worked well - you will receive a certificate to pass on to any future employer to ensure NI not deducted. You will however pay tax if earnings exceed tax allowance figure. DWP will outline how much you are to be paid and when. They are not forthcoming however in starting payment - I think they hope you defer your state pension - so you will still have to phone them a couple of weeks prior to your 65th to ensure payment is made!! Been through this a couple of months ago and all working well. I'll be 60 in February 66 is my state pension age thanks for the info Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted January 15, 2018 Report Share Posted January 15, 2018 On 1/12/2018 at 19:11, vmaxphil said: I'll be 60 in February 66 is my state pension age thanks for the info You are about a year younger than me and following the same path. I took early retirement (Dec 16) a few months before my 60th, and get my state pension at 66. Quote Link to comment Share on other sites More sharing options...
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