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General Betting
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Any one have a view if these are worth bothering with if youre full time on here at present?
Got a letter from them saying I have 21 years of contributions and need 30 to receive a full pension. They want £400 to cover 2008/9 but its up to me if I pay its not a demand.
Thanks..
Got a letter from them saying I have 21 years of contributions and need 30 to receive a full pension. They want £400 to cover 2008/9 but its up to me if I pay its not a demand.
Thanks..
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Replies: 17
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Dont pay it yet, things are changing there maybe a flat rate pension regardless of the number of contributions made.
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I had the same letter and decided to leave it given the potential changes.
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Times have changed . They used to demand payment , now they invite you to pay . Just up the ante on here, it covers Nic, Pc........ everything !
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noodles
really depends how long you have to go to 65 I was given this option when I was 53 (I owed £220) - decided to pay it, but if I was under 40, I wouldn't |
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I pay them. For all it costs, better safe than sorry.
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Thanks for replies. Im 40 (
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Voluntary (class 3) NIC's are a rip off of the gullible.
Register as self employed (anyone can do that) and pay class 2 NIC's at £2.40 per week, rather than the £12.05 per week volantary rate. That's quite a difference when paid quarterly. To register as self employed just phone your local tax office or go in and pick up a form, it's simple. |
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I think you can back-pay up to 5 years ago, so you don't need to decide whether or not to pay yet.
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What a huge mistake it was for the government to announce its review of NI contributions. What idiots will voluntarily pay now?
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I've ceased the optional payment tbh and just receive the once a year letter now reminding me , same with the taxman really in that I told him 3 years ago I had no intention of working for anyone and that I would be living off what I already have but was happy to let them access my bank a/c any time they liked , not heard from them since.
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Each missing year costs £626.60
And buys you a pension of £3.25 a week  |
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So long as you live for more than 4 years - it's a good deal.
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Let's not forget class 1 and class 4 contributions though, which we pay all our working lives at around 10% added on to our income tax, which makes the basic rate of tax around 30%, not 20%.
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You sound as if you're, or used to be at least, a tax accountant Trevh ?
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No fafh, just have always been self employed since I left school, so had to learn basic stuff for doing the tax return.
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Why would you register as self employed? Surely this is opening yourself up for an awkward and unnecessary visit from the Taxman?
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I had 3 years to go when I first received the letter asking me to top up my NI contributions. For each of the last 3 years I have paid it, and now I am OK. I think that if you can afford it, you should pay it. Otherwise, you could end up in poverty, once you have reached retirement age.
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