early retirement

[armanimick]

Hi

Does any one know whether one can insist on early retirement if one is in a final salary pension. my company is not in a union if this makes a difference. Also if you do retire from a full time job ( can one then get a little part time job ) ?

Thanks for your time, I'm fed up of working and looking for ways out....

[voiceofcalm]

kick back and take some time out

ring your local CAB

they've always got the answers

and a smashin cup of tea

[gen2]

Get real. Who's going to offer early retirement to a 28 year old?

I understand companies are under no obligation to offer early retirement. You can of course give your statutory notice and just leave, but then you will receive no pension until your statutory retirement age. A friend of mine had health problems an applied for ER but was turned down. A year later he left anyway in order to have a chance of a few years to enjoy retirement. Two years on and he doesn't regret it. It all depends on your financial situation and your commitments.

[WendyS]

I don't think you can insist on early retirement. If you have a health problem you could possibly apply to the trustees of your pension scheme to see whether a deal would be applicable to you. You can also apply to the trustees to consider your case for early retirement but you obviously need to think seriously about the financial implications if they grant it. I don't know how old you are or how many years' service you have but in a final salary scheme this is generally calculated roughly as follows:

years of service as a fraction of sixtieths of your annual salary (and often with the equivalent of the amount of State Pension) deducted. However, for every year of service you retire early short of full service of 40 years, a discount of between 3% - 5% is deducted, so this could be a very severe financial penalty. Consult your pension handbook which will give you full details of how your pension would be calculated.

There is nothing to prevent you from taking another part-time job once you are drawing an occupational pension.