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retirement

When will you be able to claim your state pension?

There have been a number of things driving the increases in the pension age over the last few years, and women have been particularly affected by this as their state pension age has increased from 60 to 66 in that time.  For men the increase has been less extreme, with the age increasing by only one year from 65 to 66.

Retirement age NI bonus

When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.

Retirement age NI bonus

When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.