pension

[luco1110]

what is the retiring age for women
my pal is retiring soon
she thinks she can continue working full time
and draw the pension
i told her she is only allowed 16 hours a week
maybe im wrong
thanks

[craft1948]

You can work as long as you like and draw your pension.........

[factor-fiction]

I assume you mean what heck on hereis the state Pension age for women- it is still 65 at present i think.
All the info is on here
http://www.direct.gov...tatePension/index.htm
Yes she can work full time. I dont think there is any limit so i don't know where your 16 hours figure is from

[factor-fiction]

^ I've no idea why the words "heck on here" appeared in the middle of that.

[craft1948]

I got a new job working 20 hours a week after I started drawing my pension, and my mate who is also a pensioner is in full-time employment.

[hc4361]

State pensions aren't mean tested so she earn as much as like. She may lose any pension credit she may have been entitled to, though, but that isn't usually much.

[luco1110]

thanks for all the info

[Yorky Lass]

She will pay a lot more tax though. A friend did this and found she was more or less working a full week for nothing.

[factor-fiction]

I may have been wrong about the state retirement age for women - it depends on her date of birth. What is her date of birth and when is she retiing?
The state pension, any private pensions and earnings will be combined for tax purposes but the basic tax allowance increases significantly at age 65.

Our answers assume you are talking about the state pension. If you are talking about taking a company pension and carrying on working for the same employer, the employer/pension scheme may have rules about when the pension can be taken and rules for combining earnings and pension- maybe this is where the 16 hours figure comes from.

[New Judge]

Pension schemes can no longer have such rules, Factor. Since 2002 employees can take their pension at age 55 and continue working full time.

[Ann]

Someone told me that the rules for pension credit have changed recently and that although they are still means tested, there is a different limit to the amount of savings you have, in fact you are rewarded for actually having savings. Can this be correct?

[factor-fiction]

Hi New Judge, I take your point but scheme rules can override the general rule- I can take my pension from age 50 rather than 55 because before the changes my scheme allowed for it.

But I was also referring to some schemes (eg Teachers) that I thought still had a restriction on drawing your pension and still working for them- but maybe I'm wrong so I'll check.

[factor-fiction]

Have a look here, New Judge
http://www.teacherspe...rs_faqs.htm#anchor11.
Relevant sections in the current scheme rules say:

Q. What can I earn without my pension being affected?

A. Your earnings plus your annual pension must not exceed your best salary in the average salary period used in the calculation of your benefits. This amount is subject to review each year, there is a re-employment ready reckoner calculator on our web site.

Q. Can I return to teaching employment after retirement?

A. Yes, but you need to be aware that your earnings may affect the amount of pension paid to you. You must inform us in writing immediately you take up a teaching post.

You can complete a Certificate of Re-employment using My Pension Online, our secure site.

Seems complicated and maybe i need to read the full set of rules, but fortunately I'm not planning on drawing it yet.