National Insurance cut 'will make financial planning challenging'

As announced in the recent Autumn Statement, this cut will see the main rate of primary Class 1 NI contributions fall from 12% to 10%. National Insurance contributions are mandatory for individuals aged 16 or over, encompassing employees earning over £242 a week from a single job or self-employed individuals making a profit exceeding £12,570 annually. According to Quilter, the Chancellor's 2p NI reduction will result in an annual saving of £447.86 for the average UK worker or £8.61 per week. Aegon head of pensions Kate Smith warned that this will make financial planning challenging...