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Buying back State Pension/NI 'years' to make a full pension- Simples!!....... NOT!

Discussion in 'Retirement' started by stopwatch, Sep 24, 2018.

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Do you feel that you are fully aware of your situation regarding your future State Pension?

  1. Yes

    5 vote(s)
    33.3%
  2. No

    10 vote(s)
    66.7%
  1. eljefeb90

    eljefeb90 Senior commenter

    stopwatch likes this.
  2. phatsals

    phatsals Established commenter

    I did provide the link above, straight to the HMRC NI manual regarding examiners etc. The key thing is that NI is not taken from the earnings, though tax is if you earn enough.

    You can ring HMRC to register as an examiner/invigilator. They may quibble but if you quote the above rules they will finally agree.

    I did it last year, am not registered as self employed, and did receive a bill for Class 2 NI. There is a tick box form for Self employed where there is an option to tick if you are employed as an examiner (invigilator etc) or a minister of religion. However, you don't need to fill this in as an examiner, as you won't be filling in a tax return.
     
    stopwatch likes this.
  3. Prim

    Prim Occasional commenter

    So, how is this calculated? I worked from 18 (in fact 16 but not sure if I paid NI then) in part time employment do we count this as well? That would take you to 53 and considering the amount of NI we now pay surely that would be enough. Wouldn't it be nice to be able to opt out of NI after your 35 years :)
     
  4. Piranha

    Piranha Star commenter

    I ended up starting my own company, which was a simple online form. I now file my profits every year as part of my self-assessment tax return, and claim the up to £1,000 tax exemption for small businesses. There is a box to tick to pay the Class 2 NI, although it is not easy to find if your revenue is under £1,000 as you have to pretend that it is more than £1,000 until later. I had to call HMRC to discover this. I am also an examiner, so have another reason why I could pay Class 2.
     

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