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National insurance after early retirement


vmaxphil
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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

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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 by bobthedug
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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...:yahoo:been retired coming up 16 years in April this year..often wonder how i found time to go to work..:whistling:

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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.

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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. 

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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

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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.

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