What is Personal Pension?

Question

Is it possible not to pay National Insurance and rather invest it elsewhere? I have heard that you can opt-out of paying NI contributions from your salary to the Inland Revenue, and instead you pay monthly into schemes operated by private investment companies which you can cash before OR after you retire.

Answer 1

yes it is its called SERPS  you can opt out of it and get a privat pension  you pay your ni into your pension  

Answer 2

A personal pension is a kind of pension that you buy from a pension provider such as a bank, life assurance company or building society. It is entirely your own, which means you can continue to contribute to it if you move jobs.  

Answer 3

Its a pension you've set up yourself.

Answer 4

National Insurance also pays for the NHS - you cant opt out of that so I think you have to pay it.  You can opt out of your company pension scheme if they have one

Answer 5

no you can't do that! Don't pay into a pension just pay all your money in to a bank and invest it!!

Answer 6

You can opt out of SERPS but I don't think that you can opt out of paying NI contributions. If you can it's news to me but I admit I don't know. NI pays for more than pensions, doesn't it also pay for the National Health Service? Private Health policies pay for short hospital stays for minor things, if you ever need an heart transplant it will be done on the NHS along with your cancer treatment.