How do I contract out of the NI scheme?
Can anyone advise how do you contract out of the National Insurance scheme? Who shoudl I contact?
Answers:
You need to choose a pension provider (I would recommend contacting an IFA to help you with this.. try www.unbiased.co.uk). Once your provider and scheme is chosen you have to fill in a CA1542 form, which will be in the application pack you receive from your chosen pension provider.
Your employer can contract out of National Insurance by enrolling his/her/its employees in an alternative approved scheme.
Mostly when individuals contracted out of employers' pension schemes (which themselves were contracted out of NI) they were scammed.
Be afraid. Be very afraid. Of living in your old age on £84.50 a week. Michael Winner couldn't do it, and he's pretty resourceful.
I dont think you can
I would call your tax office for advise
Maybe you can get a lawyer, or claim insanity..
You can contract out of the state 2nd pension element but you can't contract out of the whole system.
See an independent finanical adviser or the pensions dept at work.
You cannot just contract out of the national insurence scheme.
To be contracted out you have to be a member of your employer's pension scheme that way you are contracteds out of the state earnings related pension scheme. Your employer would do this automatically for you.
This, however, just means that you pay a slightly lower rate of national insurance.
i paid into the NI scheme for years and allways moaned about it, untill i had a heart attack. i think it is good value for money
most people have been contracted back in to sp2 on the advice of their pension provider( like myself) ,it turned out to be a waste of time
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Answers:
You need to choose a pension provider (I would recommend contacting an IFA to help you with this.. try www.unbiased.co.uk). Once your provider and scheme is chosen you have to fill in a CA1542 form, which will be in the application pack you receive from your chosen pension provider.
Your employer can contract out of National Insurance by enrolling his/her/its employees in an alternative approved scheme.
Mostly when individuals contracted out of employers' pension schemes (which themselves were contracted out of NI) they were scammed.
Be afraid. Be very afraid. Of living in your old age on £84.50 a week. Michael Winner couldn't do it, and he's pretty resourceful.
I dont think you can
I would call your tax office for advise
Maybe you can get a lawyer, or claim insanity..
You can contract out of the state 2nd pension element but you can't contract out of the whole system.
See an independent finanical adviser or the pensions dept at work.
You cannot just contract out of the national insurence scheme.
To be contracted out you have to be a member of your employer's pension scheme that way you are contracteds out of the state earnings related pension scheme. Your employer would do this automatically for you.
This, however, just means that you pay a slightly lower rate of national insurance.
i paid into the NI scheme for years and allways moaned about it, untill i had a heart attack. i think it is good value for money
most people have been contracted back in to sp2 on the advice of their pension provider( like myself) ,it turned out to be a waste of time
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