Another blow for the self employed.

And another U turn ....

https://www.independent.co.uk/philip-hammond-tax-cut-self-employed-scrap-conservatives-national-insurance-contributions-nic-class-a8526236.html

Hum .............

"However, those earning less than £6,000 would have seen their pension contributions increase more than five fold, from £2.85 to £14.45."

Anyone who thinks this is unfair needs to consult a financial advisor and ask them is they saved £2.85 per week how much of a pension you would get and then do the same for £14.45 

Neither amount would get anywhere near covering the pension that the UK will pay if you do enough years .............

We have an aging population and this isn't going to go away

The unfunded public sector pensions is whats killing public services .....

Why is it called a U turn rather than just a blatant lie? 

Murdoch said:

Hum .............

"However, those earning less than £6,000 would have seen their pension contributions increase more than five fold, from £2.85 to £14.45."

Anyone who thinks this is unfair needs to consult a financial advisor and ask them is they saved £2.85 per week how much of a pension you would get and then do the same for £14.45 

Neither amount would get anywhere near covering the pension that the UK will pay if you do enough years .............

We have an aging population and this isn't going to go away

The unfunded public sector pensions is whats killing public services .....

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totally agree. I went to a union meeting 35 yeasr ago to discuss the uregnet looming pension crisis. If something had been done about it then, by now we coud have more or less broken the link between the working paying for those who are retired, and it would have been quite simple and cheap!

binky said:

totally agree. I went to a union meeting 35 yeasr ago to discuss the uregnet looming pension crisis. If something had been done about it then, by now we coud have more or less broken the link between the working paying for those who are retired, and it would have been quite simple and cheap!

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Quite ........ The Labour Party ignored the issue from 1997 to 2010, in fact they made it worse by reducing the number of years you had to pay NI from 40 down to 30 to qualify for the state pension ..and the previous Government didn't do anything either...

Long life isn't new ......... 

Talk about politicians burying their heads in the sand!

Murdoch said:

Quite ........ The Labour Party ignored the issue from 1997 to 2010, in fact they made it worse by reducing the number of years you had to pay NI from 40 down to 30 to qualify for the state pension ..and the previous Government didn't do anything either...

Long life isn't new ......... 

Talk about politicians burying their heads in the sand!

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Thats because their pensions are sorted and they won’t be working as long as us. 

I think Thatcher was in charge at the time, but either way it was not sorted by her or Blair, and now it's a crisis! I suppose that's the trouble with short term politics - it cretaes short term views. 

I don't think that's quite fair @Sharpend most politicians serve to quite an old age and they certainly work some hours if they are any good at supporting their constiuents - one of my main gripes is that we tend to vote for parties and not the MP which does allow some lazy buggers to keep their seats. However you are correct about their pensions, they are on the same scheme (I think) as the Civil Service - the original and only 'gold plated pension'

I was always under the impression that Class 2  NIC  was the one that covered your pension contributions .  I don't pay it anymore but used to pay it quarterly.

So how would you pay pension contributions ?      

Evans Electric said:

I was always under the impression that Class 2  NIC  was the one that covered your pension contributions .  I don't pay it anymore but used to pay it quarterly.

So how would you pay pension contributions ?   

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All paid annually in January when you settle your tax due, listed on your statement with your tax.

ProDave said:

All paid annually in January when you settle your tax due, listed on your statement with your tax.

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Or 6 monthly - Jul and Jan .......... depending on how your tax and NI are paid ...

Sooooo...we will still be paying it so why is there a problem ?      They're never going to say  you need'nt pay this tax anymore . 

Evans Electric said:

I was always under the impression that Class 2  NIC  was the one that covered your pension contributions .  I don't pay it anymore but used to pay it quarterly.

So how would you pay pension contributions ?      

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HMRC did send out letters to say that NI contributions were going to be changed from instalments 6 or 12monthly.

Doc H.

I would recommend listening to this for a better idea of why things changed .......

https://www.bbc.co.uk/programmes/b0bhfj0w

Doc Hudson said:

HMRC did send out letters to say that NI contributions were going to be changed from instalments 6 or 12monthly.

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Oh  right , they don't write to me anymore as I'm drawing it back now , not paying it out .