That string of random letters and numbers is not so random
Knowing when your State Pension will be paid out is an essential part of managing your personal finances in later life, allowing you to budget and thrive while enjoying the fruit of your labours - but did you know that HM Revenue and Customs has hidden two digits in your National Insurance number that tell you which day you will be paid on?
Each month, the State Pension is paid out at the basic rate of £678 for older pensioners, which goes up to £884.80 for those on the full New State Pension. To get this higher rate, you must have paid the required number of years on your National Insurance record, which is 35 years of NI contributions.Every person in the UK has their own unique NI number, made up of two letters, followed by six numbers, and a final letter.
The rest of your NI number is largely to differentiate yourself from the millions of taxpayers in the UK, with the first two letters in the prefix changed once all of the possible six digit combinations for that prefix have been used - which is once every million new NI numbers.
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