Working on after 60

[heapsy]

Not sure if this has been covered somewhere, so I apologise if that is the case, but here goes. Many of us are in the situation where we not only have a pension in the final salary scheme, but also in the new CARE scheme. In my case when I get to 60 it will roughly a 50/50 split. I am aware of the issue surrounding taking the CARE scheme early with a loss for early payement (NRA 65) etc or deferring everything after the final salary and first 2 years of the CARE scheme. (NRA 60). My question is this, what if when you get to 60 you wish to continue work. I'm am aware that dropping down to part time hours would affect the build up of the CARE scheme (NRA 65) pension. Is it possible to leave the pension at 60 and continue working for a few years, say doing 25 hours or something similar, therefore protecting the full time pension rights you have built up, up till age 60? Cheers in advance.

[R@YAL F@IL]

Care scheme, how does that work, never heard of it before.

[RobertT]

My question is this, what if when you get to 60 you wish to continue work. I'm am aware that dropping down to part time hours would affect the build up of the CARE scheme (NRA 65) pension. Is it possible to leave the pension at 60 and continue working for a few years, say doing 25 hours or something similar, therefore protecting the full time pension rights you have built up, up till age 60? Cheers in advance.

If you reduce your hours your NRA60 pension could potentially be reduced aswell depending on how the pension is worked out. For example, your actual pension payment is often based on the best year out of the last 10, or an average of the best 3 years over the last 13, rather than your actual final salary when you leave. Probably best to ask the pension service centre.

[RobertT]

Care scheme, how does that work, never heard of it before.

[TrueBlueTerrier]

Care scheme, how does that work, never heard of it before.

You are probably in one, so it might be worth genning up on it.

Here is a good place to start.
http://www.pensionsadvisoryservice.org. ... 29-schemes" onclick="window.open(this.href);return false;

[R@YAL F@IL]

That C.A.R.E. scheme ........... Great english pal

[heapsy]

My question is this, what if when you get to 60 you wish to continue work. I'm am aware that dropping down to part time hours would affect the build up of the CARE scheme (NRA 65) pension. Is it possible to leave the pension at 60 and continue working for a few years, say doing 25 hours or something similar, therefore protecting the full time pension rights you have built up, up till age 60? Cheers in advance.

If you reduce your hours your NRA60 pension could potentially be reduced aswell depending on how the pension is worked out. For example, your actual pension payment is often based on the best year out of the last 10, or an average of the best 3 years over the last 13, rather than your actual final salary when you leave. Probably best to ask the pension service centre.

Cheers for that, I would do just that in such a situation. Just wondered if there was a way round it by actually leaving the scheme at 60. A former colleague of mine, before the pension changed, drew his pension at 60. He then got a buy down of 15k and went to 25 hour pw. He finally retired a few weeks before he hit 65. However, not a problem at the mo, I'm in my 40s. Just wondered if anyone did know.