What happens to old age pension

JOHN232

I will reach my old age pension qualifying age in 5 years time (67). I currently receive approx. £2000 a month occupational pension. What will happen when I'm old enough to receive my old age pension? I seem to remember being told that I won't receive both pensions in full. Can anyone shed some light on this? Thanks.

Andy_L

Some company pensions reduce the pension they pay when the state pension kicks in and some of them don't. Only people who can tell you are the scheme organisers

TadleyBaggie

Don't forget, although the state pension is taxable income it is always paid gross of tax. This means the tax code for your other pension will need to be reduced, which will reduce the amount you get paid per month.

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

With regard to your occupational pension, what does your scheme booklet have to say about  integration/abatement/clawback/state pension reduction?

https://commonslibrary.parliament.uk/research-briefings/sn01121/

Not all schemes operate this system -  Barclays and HSBC are among those that do.

Marcon

JOHN232 said:

I will reach my old age pension qualifying age in 5 years time (67). I currently receive approx. £2000 a month occupational pension. What will happen when I'm old enough to receive my old age pension? I seem to remember being told that I won't receive both pensions in full. Can anyone shed some light on this? Thanks.

Rather depends on what you've been told and whether it is accurate - and what you think is a 'full' state pension? If you take the advice above to get a state pension forecast, and contact your scheme administrators for details of what (if anything) happens when you reach state pension age, you should have all the pieces of the jigsaw - and you might find the answer to your question is 'nothing will happen' !