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National Insurance

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

National Insurance

Post by freespeech »

I'm geting conflicting advice about paying NI contributions on a pension income. The Gov website suggests you don't pay NI "once you reach state pension age" but what if your only income is a private pension (RM) taken early and well before state pension age?

Thanks.
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nightmail
EX ROYAL MAIL
Posts: 10
Joined: 18 Oct 2009, 13:22
Gender: Male

Re: National Insurance

Post by nightmail »

Pretty certain you continue paying NI contributions until you reach state pension age. This was my experience.
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RobertT
EX ROYAL MAIL
Posts: 6645
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: National Insurance

Post by RobertT »

You will pay NIC's on earnings from a job until you reach state pension age, but you don't pay NIC's on pension income at all.
Links to all RM pension related websites are here
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freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

Re: National Insurance

Post by freespeech »

nightmail wrote: ↑
24 Mar 2021, 18:17
 Pretty certain you continue paying NI contributions until you reach state pension age. This was my experience.
I mean if you have retired and your only income is from a pension (but you are below SPA). I'm sure you don't pay then but I cant find a definitive answer.
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freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

Re: National Insurance

Post by freespeech »

RobertT wrote: ↑
24 Mar 2021, 18:21
 You will pay NIC's on earnings from a job until you reach state pension age, but you don't pay NIC's on pension income at all.
Thanks.......that's my understanding too (so RM NRA60 and 65 should be NI free) but I cant find an official reference to it (only to SPA).
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RobertT
EX ROYAL MAIL
Posts: 6645
Joined: 09 Sep 2007, 14:26
Gender: Male

Re: National Insurance

Post by RobertT »

freespeech wrote: ↑
24 Mar 2021, 18:45
RobertT wrote: ↑
24 Mar 2021, 18:21
 You will pay NIC's on earnings from a job until you reach state pension age, but you don't pay NIC's on pension income at all.
Thanks.......that's my understanding too (so RM NRA60 and 65 should be NI free) but I cant find an official reference to it (only to SPA).
https://www.pensionsadvisoryservice.org ... 20payments.
Links to all RM pension related websites are here
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deltaforce
Posts: 778
Joined: 01 Jan 2009, 15:29
Gender: Male

Re: National Insuranc

Post by deltaforce »

No NI on pension income but if you retire before state pension age you may get a short fall in state pension ,which you may be able to make up by paying a lump sum when your state pension is due.
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freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

Re: National Insuranc

Post by freespeech »

deltaforce wrote: ↑
24 Mar 2021, 19:11
 No NI on pension income but if you retire before state pension age you may get a short fall in state pension ,which you may be able to make up by paying a lump sum when your state pension is due.
I've used the Gov calculator with my history so have all the details. Good shout though - thanks.
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freespeech
MDEC
Posts: 762
Joined: 28 Jun 2007, 16:35

Re: National Insurance

Post by freespeech »

RobertT wrote: ↑
24 Mar 2021, 18:51
freespeech wrote: ↑
24 Mar 2021, 18:45
RobertT wrote: ↑
24 Mar 2021, 18:21
 You will pay NIC's on earnings from a job until you reach state pension age, but you don't pay NIC's on pension income at all.
Thanks.......that's my understanding too (so RM NRA60 and 65 should be NI free) but I cant find an official reference to it (only to SPA).
https://www.pensionsadvisoryservice.org ... 20payments.
Many thanks Robert.
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