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State Pension - taking it early?
trudie15
Posts: 95 Forumite
Hi,
My Dad works for British Steel / Corus and is planning for retirement soon. He has been told that he can access his state pension before he is 65 as the pension pot pay it, then pay it back when he reaches 65?!!!
Does anybody understand this?
Has anybody any experience of this?
Any experience or comments appreciated?
My Dad works for British Steel / Corus and is planning for retirement soon. He has been told that he can access his state pension before he is 65 as the pension pot pay it, then pay it back when he reaches 65?!!!
Does anybody understand this?
Has anybody any experience of this?
Any experience or comments appreciated?
0
Comments
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I would suspect that his pension scheme pays him the value of the state pension (~£5k) extra pension for the 5 years from 60-65 (ie between retiring at 60 and the state pension kicking in at 65) and then pay him a lower pension from 65+ to recover the extra money they pay out.0
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He cannot get any state pension before his state pension age, although as Andy L says some pension schemes pay the extra and then reduce by the value of the state pension at State pension age.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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