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Steve Webb, former Liberal Democrat pensions minister and now director of policy at Royal London, told Paul Johnson, director of the Institute for Fiscal Studies think tank, said: “Members of final salary occupational pension schemes and their employers will now be paying the same NI contributions as the rest of us.
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If they’re going to carry on working for you, you’ll need to set up a new payroll record and Payroll ID for their pension payments.
Pensions paid from registered schemes include those paid when an employee retires through ill-health. If your pension scheme isn’t registered with ’s Employer Helpline.
The changes are expected to raise £5.5 billion a year for the Treasury.
Workers could previously opt out of the second state pension and pay a lower rate of national insurance – but this rule is now being abolished.
George Osborne has changed the way national insurance contributions are calculated as moves to consolidate the state pension into a so-called “single tier”.
Affected employees face an extra 1.4 per cent charge on their earnings through NI, while employers will be hit with a 3.4 per cent charge.