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Thread: Resettlement
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Old 23rd Jul 2020, 17:05
  #7 (permalink)  
teeteringhead

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Join Date: Jul 2000
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I don’t think the OP is asking about the tax implication. That’s a given, that they will be in the picture.
. Tax is sorted but don't forget NI contributions!

I was in this situation when I retired (actually a PVR, but only about 3 months before my NRD). Tax was sorted, but I had a (good!) surprise about 10 years later. I continued working beyond my State Pension retirement age (by about 2 years) but chose to take my State Pension. One reason was so that I would stop paying NI, which made for quite a payrise. Probably worth more than deferring the pension 'til a later date to get an increase - you should live so long......

However, HMRC (our whoever they were then) kindly wrote back saying "We notice you paid NI twice during the period blah (of two jobs), so we owe you some money!"

So either wait for the same, or make sure you don't pay twice.

It was still the most I'd ever earned in one month!!
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