Early retirement

BazP · Postby **BazP** » Tue Jun 13, 2006 2:04 am

I am taking early retirement at 52 with a company pension. Will I still have to pay NI and if so will it be deducted from my pension.
Thanks for any info.

hashman · Postby **hashman** » Tue Jun 13, 2006 2:07 am

Not if you are no longer working.

BazP · Postby **BazP** » Tue Jun 13, 2006 2:19 am

By not paying any NI will may state pension be affected when I reach 65 , if so how do I go about paying and how is my contribution worked out ?
Thanks

hashman · Postby **hashman** » Tue Jun 13, 2006 4:28 am

You could pay Class 3 (voluntary) NICs - currently Â£7.55 a week.

Peter D · Postby **Peter D** » Sun Jun 18, 2006 8:28 am

You do not have to pay any further NI contributions but goto www.Gateway.gov.uk and the site will give you a forcast for your pension and show the shortfall if any. If you have paid enough years including the 5 years you get automatically when you are 60 so they add up to 44 then that is the max. I am 54 and retired early with a company pension. Regards Peter

jerryknight@lexadon. · Postby **jerryknight@lexadon.** » Tue Aug 01, 2006 9:29 am

is income tax payable and at what rate?

BazP · Postby **BazP** » Wed Aug 02, 2006 5:29 am

On your company pension? Yes it is at the normal income tiers.