Is it worth paying another 5 years

[the mad woman]

Am due to get my pension soon at 60 is it worth paying for another 5 years or should I take the money now also how will it affect any extra pension if I go on less hours am confused as what to do

[RobertT]

Assuming you’re in the RMPP, you can take your NRA60 benefits at 60 and carry on working and building up your NRA65 benefits until you take them, although they will be reduced by 5% for every year if you decide to take them before 65.

If you go part time that will obviously affect the pension you build up going forward because you’ll be working less hours and earning less pay.

[nataddick]

Yes,I am about to do just that! A mate of mine has just turned 65 and got approx an extra £1,000 p.a. pension and a tax free lump sum of £7,000 from paying in £20 p.w. for 5 years.