Do I Have To Pay National Insurance On My Company Pension

I have to pay National Insurance NI so do I pay National Insurance NI on my Company pension?

You don’t pay National Insurance contributions (NICs) on any payments that you receive from a pension scheme including an allowance, but you may be liable to income tax on these payments.

If you’re aged less than your State Pension age, you are liable to pay National Insurance contributions on your income

The State Pension age is the earliest age you can claim your State Pension. Your State Pension age depends on when you were born.

Once you reach State Pension Age, you stop paying NICs
To stop, you can show your employer proof of age (such as a birth certificate or a passport), or, if you don’t want to show these, you can ask HMRC to send your employer a letter.

If you’ve paid NICs when you are no longer liable to these, you can claim back the overpaid amounts from HMRC.

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Answered By StudyChaCha Member