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National
Insurance and state pensions (TA 2)
Pensionable age, the tax treatment of
private pension savings, and state pension provision are all in a state
of flux. For the time being, however, all earners must pay National Insurance
contributions (NICs), which are effectively another tax. Employers not
only pay employer contributions for each employee, but also collect and
forward their employees’ contributions.
Paying
contributions entitles an individual to a state pension. But most people
will need to make additional private provisions.
This briefing explains:
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