Ostroff, Fair and Company
*Ostroff, Fair and Company>>>United Kingdom Taxes

What percentage of the 11% an individual pays for N.I.C class 1 goes towards their state pension?



What percentage of the 11% an individual pays for N.I.C class 1 goes towards their state pension?

Zero - its a complete con. If you are under 45, it is extremely unlikely that the state pension will be worth anything when you retire. If you can't afford to make a decent pension provision then don't bother and rely on state benefits instead.
There is no set percentage that I'm aware of. You just have to make regular contributions to qualify for a full state pension. If you miss any (due to unemployment or living outside the country) you may receive less when you retire. If you go to the The Pension Service, they can give you a projection of how much your pension might be, and whether you are missing any NI Contributions.
www.pensions.gov.uk
Tags
Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes
Related information
  • Why have I got less tax credits?
  • What is a Tax Practitioner?
  • What are the tax rates on salaries in England?
  • What is budget surplus? how we can measure it? effects of government on this?
  • What happens when you get a company car?
  • If dividends are paid after company tax has been calculated, are the shareholders/directors liable for tax?
  • Hi. I am from south africa, been in the uk for over a year. i would like any advice on claiming tax back.?
  • Is my tax code correct and am i paying the correct amount?
  •  

    Finance Categories--Copyright/IP Policy--Contact Webmaster