Government proposals for state pension reform could mean people no longer need to pay voluntary National Insurance contributions.
According to Legal & General, the proposed changes involving a reduction of the number of qualifying years needed to receive a full Basic State Pension (BSP) from 44 for men and 39 for women, down to 30, could mean the end for voluntary class three NI contributions. In his latest edition of ‘Driven to Retirement’, Adrian Boulding, wealth policy director at Legal & General, says for those retiring after 2010 paying additional contributions to make up a shortfall in the Basic State Pension (BSP) may be unnecessary. Boulding points out the change from Home Responsibilities Protection (HRP),...
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