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Changes afoot for the self employed
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<blockquote data-quote="ProDave" data-source="post: 462734" data-attributes="member: 6969"><p>I plan to retire in 5 years when I hit 60. I won't get my state pension until I am 67. Can I sign on as "unemployed" for those 7 years? How do you "stop" being self employed?</p><p></p><p>Re NI contributions after 40 years. For the early part of my working life I was contracted out of SERPS as part of the company pension. Under the new pension rules that came into force a few years ago I would not qualify for the new "full" state pension because of being contracted out. But if I make another 7 years NI contributions before state pension age then I will get the max state pension. A "cake and eating it" situation</p><p></p><p>You can volunteer to pay NI even if you are not working to make up a state pension shortfall and that is reckoned to be a good "investment" because it only takes 4 years of increased state pension to recover your additional NI "investment"</p><p></p><p>Worth checking your pension entitlement at the government "check my pension" website.</p></blockquote><p></p>
[QUOTE="ProDave, post: 462734, member: 6969"] I plan to retire in 5 years when I hit 60. I won't get my state pension until I am 67. Can I sign on as "unemployed" for those 7 years? How do you "stop" being self employed? Re NI contributions after 40 years. For the early part of my working life I was contracted out of SERPS as part of the company pension. Under the new pension rules that came into force a few years ago I would not qualify for the new "full" state pension because of being contracted out. But if I make another 7 years NI contributions before state pension age then I will get the max state pension. A "cake and eating it" situation You can volunteer to pay NI even if you are not working to make up a state pension shortfall and that is reckoned to be a good "investment" because it only takes 4 years of increased state pension to recover your additional NI "investment" Worth checking your pension entitlement at the government "check my pension" website. [/QUOTE]
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