Retiring at 50 in 7/09

philng

My wife is considering retiring at 50 in July this year. She will have worked since age 16-Will she get a full state pension at age 65 based on her NI contributions? or does she need to buy any more years? Is this the last year you can retire before age 55?

seven-day-weekend

If she has paid/been credited with 30 years of NI Contributions in her own right she will have a full State Pension at retirement age.

Have a look here:
http://www.thepensionservice.gov.uk/state-pension/home.asp

And here:
http://www.thepensionservice.gov.uk/state-pension/age-calculator.asp

And here:
http://www.thepensionservice.gov.uk/resourcecentre/e-services/home.asp

As to retiring at 50 or 55, you can retire at any age you like, but will not be able to draw from any private pension until 55, from 6th April 2010 (I think), or get State Pension until your State retirement age.

Hope this helps.

philng

Thanks.

The reason I asked was my wife is in a company share scheme whereby if she leaves the company she will lose the entitlement to some of the shares in that scheme BUT if she retires she will retain the entitlement. This is a Bank share scheme. I assumed she could only retire at 50 which she will be in July 09 in order to retain this entitlement & am not sure that if she doesnt retire then she would then have to wait until age 55. She has no plans to draw the pension yet anyway.

seven-day-weekend

I'm sorry, I'm not a Pensions expert so can't help you with your enquiry about the shares. I'm sure someone will be along later who can.

dunstonh

Are the bank willing to allow retirement at age 50? Usually at that age you need permission on a final salary scheme.
If they do allow it, how significant are the penalties going to be?
Have you already worked out the cost of the penalties to commence the pension early compared to leaving it until penalties reduce or are removed?

To be classed as retired from the bank she would need to draw the pension. Leaving service over the age of 50 is still leaving service otherwise and not retiring.

philng

she is not in a final salary scheme having only joined 3 years ago. Would this make a difference. She is in a Money Purchase scheme which the both she & the bank contribute to.

Parisien

seven-day-weekend wrote: »

As to retiring at 50 or 55, you can retire at any age you like, but will not be able to draw from any private pension until 55, from 6th April 2010 (I think), or get State Pension until your State retirement age.

Hope this helps.

Hi, any reference or link to this?

Am in NHS scheme, will be 50 on Jan 2010, I expect it to be actuarially reduced, so I know whats coming!

thanks!

Parisien

Found this link via your links..thanks!

http://www.pensionsadvisoryservice.org.uk/personal_and_stakeholder_pensions/retirement/

Ian_W

Parisien wrote: »

Am in NHS scheme, will be 50 on Jan 2010, I expect it to be actuarially reduced, so I know whats coming!

THIS BOOKLET at page 19 deals with the NHS pension scheme retirement age and shows the actuarial reduction you can expect at age 50 - ooch!!

Parisien

Ian W...dont worry am prepared and plans laid out....:)