HMRC explains two digits in National Insurance number 'affecting payments'

HMRC's two hidden digits in your National Insurance number that will rule your retirement have been revealed. HMRC issues every taxpayer with a unique NI number, which compires two letters, six numbers and a final letter, with the final two numbers dictating which day your pension will be paid.

If these two digits fall between 00 and 19, your payment will fall on a Monday; if they are between 20 and 39, it will be a Tuesday; if they are between 40 and 59, it will be a Wednesday: if they are between 60 and 79, it will be a Thursday; if they are between 80 and 99, it will be a Friday.

You pay mandatory National Insurance if you’re 16 or over and are either an employee earning more than £242 per week from one job or self-employed and making a profit of more than £12,570 a year, the government and HMRC explains on its website.

READ MORE Nationwide issues £391 warning to every customer who has a credit card

You usually do not pay National Insurance, but may still qualify for certain benefits and the State Pension, if you’re either an employee earning from £123 to £242 a week from one job or self-employed and your profits are £6,725 or more a year.

You’ll usually get a letter confirming your National Insurance number shortly before your 16th birthday. This will be sent to the address HMRC has for you. Organisations which may need to know what your number include your employer and council.

The Department for Work and Pensions (DWP), Electoral Registration Officers, the Student Loans Company, if you apply for a student loan, your pension provider if you have a personal or stakeholder pension and your Individual Savings Account (ISA) provider, if you open an ISA also may need it.

Authorised financial service providers who help you buy and sell investments like shares, bonds and derivatives will also require it.