how class 1 NI is made up
US parent client wants to understand how class 1 NI is made up, including what goes towards health care and how the secondary state pension is funded. They found a report (I don't know where) which says "Employers contribute @ 12.8% of earnings to the government - 1.9% for National health and the remaining 10.9% for the state pension, unemployment, work injury, etc. The employees contribute 11% - of that, 2% is for National Health and the remaining 9% goes to pensions, etc"
Is this correct - can anyone direct me towards more information?
They want more detail regarding how much of the contribution is used to fund the basic pension (and perhaps, the second state pension). Is there anywhere where this is defined?
Their main questions are:
What percentage actually goes toward for pension funding?
How is the ‘second state pension funded?
Any comments gladly appreciated.
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