Pensions query

swampduck

One of my pensions from a former employer indicates all calculations assumed on retirement at 60. Given that I'm now meant to retire at 66 and 10months - will I still be able to take this pension at 60 even if I'm still working. It's a LGPS pension with lump sum etc and could be handy if there is still a small residue of mortgage left to pay.
I take the view that no one knows what's around the corner - and don't intend to defer any pensions if there happens to be a choice! and if there is anything to defer of course!!


Swampy

Rose14

From your post above, I'm assuming that you mean that you have a deferred pension in the LSPS and if you work beyond 60 it will be for a different employer to the one linked to the LGPS.

On this basis I can't see any reason why you can't take your pension at 60 and continue working.

If you decide to leave the LGPS "frozen" beyond 60 it's likely it'll be uplifted in some way to account for late payment but this depends on the wording of the scheme's rules.

The best thing to do is to speak to the scheme's administrators and ask them to confirm your options under the rules of the scheme.

hyubh

swampduck wrote: »

One of my pensions from a former employer indicates all calculations assumed on retirement at 60.

Sounds like you have a deferred LGPS pension in which you meet the 85 year rule.

Given that I'm now meant to retire at 66 and 10months - will I still be able to take this pension at 60 even if I'm still working.

Historically there was no connection between the scheme's normal pension age and a member's state retirement age, and the fact there now is for active members won't affect you. Being still employed also doesn't matter, though becoming re-employed with another employer that offers the LGPS might.

It's a LGPS pension with lump sum etc and could be handy if there is still a small residue of mortgage left to pay.
I take the view that no one knows what's around the corner - and don't intend to defer any pensions if there happens to be a choice!

Unless you have very special circumstances, you would only lose money by not drawing your LGPS pension at 60 (actuarial increases for late retirement would only kick in at age 65 as technically the 85 year rule just prevents the normal actuarial reduction for taking it before 65).