[The Jester of Wibbly]

Finally, class 2 abolished from April next year.  Heard it before, but let's hope it sticks this time.  Plus another 1% reduction to 8% class 4.

About time.

[Ched]

There doesn't seem to be much details on how you/we earn years for our state pension. One gov site says something about benefits still being available but then goes on to say will still be able to pay class 2 at the current rate! Why would you pay if it's abolished unless this is a gov fast one where when you get to retirement age they will say you don't have enough contributing years to qualify for the full state pension....

Seems too good to be true!

[Don Kee]

https://www.bbc.co.uk/news/explainers-63635185

Apparently it doesn’t affect “NI contributions record or benefits”.

[Ched]

https://www.bbc.co.uk/news/explainers-63635185

Apparently it doesn’t affect “NI contributions record or benefits”.

Not affecting NI contributions or benefits could mean the ones you have already accumulated!
Just call me a sceptic, as something that seems too good to be true usually is and this is something coming from the gov!

[Don Kee]

https://www.bbc.co.uk/news/explainers-63635185

Apparently it doesn’t affect “NI contributions record or benefits”.

Not affecting NI contributions or benefits could mean the ones you have already accumulated!
Just call me a sceptic, as something that seems too good to be true usually is and this is something coming from the gov!

Very true, will have to wait and see when it’s all finalised; usually get an email from the accountant once he’s picked the bones of this sort of stuff.

[Spruce]

Isn't there an election coming up sometime?

[Arnold Palmer]

Isn't there an election coming up sometime?

Smells like it.

[AuRavelling79]

https://www.bbc.co.uk/news/explainers-63635185

Apparently it doesn’t affect “NI contributions record or benefits”.

Not affecting NI contributions or benefits could mean the ones you have already accumulated!
Just call me a sceptic, as something that seems too good to be true usually is and this is something coming from the gov!

You are a sceptic. It won't effect your state pension record going forward.

How is National Insurance changing?

From 6 January 2024, 27 million workers will pay 10% on their earnings between £12,571 and £50,270 instead of the current 12%.

Mr Hunt said the cut is worth £450 a year to a worker earning £35,400.

He also announced two changes to NI for the UK's two million self-employed people.

From 6 April 2024, they will pay 8% on their profits between £12,571 and £50,270, down from 9% at the moment. The government says the cut will be worth £350 a year for an average self-employed person earning £28,200.

From the same date, self-employed people will no longer have to pay a separate category of NI called Class 2 contributions.

The chancellor said this would save the average self-employed person £192 a year, without damaging their NI contributions record or benefits entitlement.

NI on income and profits above £50,270 will remain at 2%.

NI is not paid by people over state pension age even if they are still working.

[p1w1]

A gain of about an hours wage then for most people here