stay in or come out of pension

lioness27

Hello , Please be patient with me as I am finding my feet again in the world.
I do not know about pensions , Its all goblydegook to me , so am unsure what to do , is why Ive come here for help!

I am 65 years and I joined the local government pension scheme pension 8 years ago.
I claim my state pension and I work only 2 hours a day cleaning. I have found out that i can either retire or carry on working my 2 hours.
I pay £17 a month pension but have found that I will get £6 a week and a lump sum of £2213 from this pension if i retire. I realise its only small because i havent paid into pension for most of my life.

People say I should retire completely and claim my pension , but for approx £6 a week it doesnt seem worth it as I will be £200 a month worse off.

My dilema is if it is worth paying £17 a month for receiving just £6 a week as I would like to carry on working for a bit longer.

I do have £10,000 savings if thats any help.

rpc

The longer you work, the larger that £6 a week will get. It will increase slowly, but it will increase.

You have paid £17 a month for 8 years. You are going to get back £26 a month for the rest of your life (24 years on average). That's a good deal by any measure and the longer you stay in, the better the deal gets.

atush

I agree, I would stay in as if you leave/retire you will be worse off.

So while the 2 hours a day is still something you can comfortably do, carry on doing it.

bigfreddiel

if you can keep on working and enjoy it stay in your pension - it will be worth it in the long run

fj