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With the state pension amount one gets linked to their National Insurance record, some people may have been worried that the change could have an impact on their state pension.
However, it has been confirmed that this will not affect access to state pensions, as Victoria Kelly, Director of Operations at Nixon Williams, explained.
She said: “The chancellor confirmed plans an increase the threshold for employee’s National Insurance contributions to £9,500 from April 6, 2020, with plans to ultimately increase this to £12,500.
"This rise is extremely welcomed by both contractors and PAYE employees.
"The confirmation that this will not affect access to state pensions should also alleviate worries for those fearing the tax break could have financial implications in later life.
“This move, which will help more than 31 million people save money, demonstrates the Government’s commitment to helping all workers, particularly those on the lowest incomes, and it’s great to see contractors included in this.”