Your State Pension will be calculated entirely under the new State Pension rules. You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension and you’ll need 35 qualifying years to get the full new State Pension. You will get a proportion of the new State Pension if … Read more
If you get paid through a Pay as You Earn (PAYE) system your National Insurance contributions will be automatically deducted from your salary by your employer, so you won’t need to do anything. It applies to each pay period whether you get paid weekly, monthly, or a different time period. If you are self-employed your … Read more
National Insurance is mandatory and payable if you’re 16 or over and are either an employee earning above £184 a week or self-employed and making a profit of £6,515 or more a year.
Your National Insurance contributions are paid into a fund, from which some state benefits are paid. This includes the state pension, statutory sick pay and maternity allowance, plus entitlement to some additional unemployment benefits. A percentage of National Insurance Contributions also go towards funding the NHS.
National Insurance is a tax levied by the government on the wages of employers, their workers and those who are self-employed. National Insurance is often abbreviated to NI, or NIC , where the ‘C’ stands for contributions. Different people pay different kinds, or ‘classes’, of National Insurance.