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The National Insurance number is used as a reference number in the Pay As You Earn system, and also by the self-employed. It is also used in applications for Individual Savings Accounts (ISAs), to check that an individual has opened only one ISA in a tax year. However, the NI number is not used universally as a tax identification number.
A British 1948 National Insurance stamp, once used to collect contributions to the scheme. National insurance contributions (NICs) fall into a number of classes. Class 1, 2 and 3 NICs paid are credited to an individual's NI account, which determines eligibility for certain benefits - including the state pension.
The State Pension is a 'contribution-based' welfare benefit, and depends on an individual's National Insurance (NI) contribution history. To qualify for a full pension (amounts given above), an individual would require:
There are a number of resources, as listed above, for locating a missing or unclaimed pension. If you think you once qualified for a pension, don’t assume that you’ll be contacted to claim it.
Pensions are saved from pre-tax income. Pensions maintain 100 per cent of their value and will not be taxed in the way other savings and investments can be. 2. You could have hidden money in lost ...
After the Second World War, the National Insurance Act 1946 completed universal coverage of social security. The National Assistance Act 1948 (11 & 12 Geo. 6. c. 29) formally abolished the poor law, and gave a minimum income to those not paying National Insurance. The Basic State Pension was also introduced in 1948.
Long title: An Act to establish an extended system of national insurance providing pecuniary payments by way of unemployment benefit, sickness benefit, maternity benefit, retirement pension, widows' benefit, guardian's allowance and death grant, to repeal or amend the existing enactments relating to unemployment insurance, national health insurance, widows', orphans' and old age contributory ...
The three British National Insurance Funds hold the contributions of the National Insurance Scheme, set up by the Government of the United Kingdom in 1911. It was reformed in 1948 and assumed broadly its current form in 1975, when the separate National Insurance (Industrial Injuries) and National Insurance (Reserve) Funds were merged with it. [ 1 ]