Paying NI Contributions after having paid in the full 44 years?

Question

The qualifying time for full pension at age 65 for men was 44 years, now if you reach 65 after April 2010 the requirement is only 30 years. OK fine, but what about my case where I am now 61 and have completed payments for 44 years (never missed a week) and I still have to pay £266 per month. Is this fair? or am I due a refund?

Answer 1

If you are working then you have to pay NI contributions, which are calculated as a percentage of your earnings.

You can't get a refund.  The only exceptions are those who do not earn more than the Lower Earnings Limit.

Remember you are also paying for the likes of Incapacity Benefit or Jobseekers Allowance.  If you don't pay you will eventually lose entitlement to them.  So, it follows that anyone who retires early but has satisfied the requirement of the number of contributions will qualify for their State Pension but will lose entitlement to IB and JSA from the end of the (calendar) year following the year of retirement.

In actual fact you only need 39 years as you get the years from age 60 to 65 free anyway.

HTH

Answer 2

This will benfit you when you get your pension as you will get a higher amount based on the over all amount (in cash terms) that you have contributed as well as the qualifying years

Answer 3

contact them , as there was talk of refunds at one time  , the pensions section must have settleed down now following the changes and you have to apply for a statement ,

Answer 4

Retire, then you won't have to pay them!

Even though you've completed the course, you've got to keep taking the medicine until you're 65.