Public sector pension - work longer?

dlewin

I am a member of the 'old' firefighters pension scheme. In january 2016 I am due to retire having completed 30 yrs pensionable service (I will be 52.) The proposed changes arising out of the Hutton pension review include merging the 'old' and 'new' pension schemes together to create one single scheme, the retirement age for which will be 60. The projected date for the implementation of the proposed changes to the scheme is April 2015, just 9 months before I was due to retire. ( I did take a 6 month sabatical during my carreer which I have the option to buy back meaning I could complete my 30 years in July 2015 - still 3 months after the proposed change date)

What are my options?

Will I have to work an extra 8 years?
Can I retire after 30 years service regardless and receive the full pension that I had planned on?

Regards David

ajbisgr8

Whatever changes come in you should keep reserved rights to the pension you have built up, including the retirement date.

This might mean you are 9/3 months short of getting the full pension but in real terms it shouldn't have a huge impact on the amount you will get paid out.

In addition, if you're intending on leaving the service completely after your 30 years, it may well be worth you opting out of the new scheme as any amount you pay in is unlikely to be worth much due to the short period you'd be paying for.

dlewin

A good reply aj, thanks

I seem to remember a tv interview with a minister (or it could have been Lord Hutton) where mention was made of being able to retire on your expected retirement date with the pension that you had accrued upto that point. It's just that I haven't been able to find it written down anywhere. However thanks again.

Dave

bigfreddiel

Opt outof the scheme just before the changes actually happen - that will guarantee your pension under the current rules, work as long as you want 3 or 9 months and take the income - don't bother with the new scheme and then retire.

Happy days

fj