National Insurance: State Retirement Pensions

(asked on 13th March 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of abolishing National Insurance Contributions on funding for state pensions.


Answered by
Nigel Huddleston Portrait
Nigel Huddleston
Financial Secretary (HM Treasury)
This question was answered on 18th March 2024

The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.

Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.

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