Jacqui Too Posted November 9, 2008 Share Posted November 9, 2008 In march 07 I got a pension forecast, then every thing changed!! couldn't get one then for a long time. So I have now tried again and I have been able to get a new forecast, every thing is fine, I will get a full pension[:D] they say I already have my 30 years.Now this is where I get confused! [8-)] Why should I pay any more? will I get a bigger pension of every year I pay over the 30 years? Link to comment Share on other sites More sharing options...
BJSLIV Posted November 9, 2008 Share Posted November 9, 2008 If you are working in the UK you have no choice, the deductions are compulsory and will be taken automatically.If you are not working and are paying voluntary contributions cancel your payment immediately. Link to comment Share on other sites More sharing options...
Jacqui Too Posted November 9, 2008 Author Share Posted November 9, 2008 [quote user="BJSLIV"]If you are working in the UK you have no choice, the deductions are compulsory and will be taken automatically.If you are not working and are paying voluntary contributions cancel your payment immediately.[/quote]I am self employed does that make a difference? I am one 1/2 of a business partnership. Link to comment Share on other sites More sharing options...
BJSLIV Posted November 9, 2008 Share Posted November 9, 2008 No difference. The only opt out is from the voluntary contributions if you aren't working. Link to comment Share on other sites More sharing options...
Pads Posted November 9, 2008 Share Posted November 9, 2008 As a self employed person isnt she now able to pay a reduced rate , although this means she cant claim for certain things like sickness pay ect.... I remenber after our car crash my husband ( self employed) could not claim any sick pay because he was told that he had only been paying this reduced one.... he has since topped it up and pays a more expensive one now.Do you know which one you are paying Jacki ?look what I found http://www.hmrc.gov.uk/individuals/nic-for-women.htm Link to comment Share on other sites More sharing options...
Jacqui Too Posted November 9, 2008 Author Share Posted November 9, 2008 [quote user="Pads"]Do you know which one you are paying Jacki ?[/quote]I am paying class 2 contributions with are only £29.90 per quarter so its not breaking the bank! and I think they add some class 4 on to any profit we make after allowances.I know as a self employed person we get very little in benefits! but I think it best I keep paying as it is better to get two personal allowances on one profit and then split it two ways!! Link to comment Share on other sites More sharing options...
tegwini Posted November 10, 2008 Share Posted November 10, 2008 JackieAs I understand it you have to pay NIC if you are working in the UK and under 60 (as a female). NIC deductions stop after 60 for females still working. You can continue to pay 'top ups' after 60 and get an increased pension, but it is difficult to establish if it's worth doing. I didn't think it worthwhile for me.RegardsTegwini Link to comment Share on other sites More sharing options...
mint Posted November 10, 2008 Share Posted November 10, 2008 The pensions people can give you the figures for various scenarios. Eg if you do "top up" or pay for "missed years", how much the contributions would be and how much increase in pension you'd get.You could then work out if it's worthwhile. I did this and, like Tegwini, I decided not to pay extra and I put the money I'd saved into something else. Link to comment Share on other sites More sharing options...
BJSLIV Posted November 10, 2008 Share Posted November 10, 2008 If you are resident and self employed in the UK, Class 2 and 4 contributions are not optional, they are compulsory even if you have already earned the right to full pension. Link to comment Share on other sites More sharing options...
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