We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Day 4 of being a "semi" pensioner.
Korkyb
Posts: 634 Forumite
As per post below decided to claim my NHS pension at 55.
My pension came in pretty much spot on the back of fag packet calculations I'd worked out and I've managed to get a contract with my old employer which will bring me in around 12k (before deductions) yearly for 8 hours work per week (with the option to work additional hours pretty much as I want).
One area I had previously been unsure about was how going part time (which I did for a year prior to "retiring") would affect my final / best pay which as a "final salary" the NHS pensions is calculated on.
By going part time I effectively ended up working almost 100% unsocial hours (which attracts a pay enhancement) and I was unsure if this would be reflected in my final salary when converted to full time pro rata. Previously, when full time, I had been working around 70% unsocial hours.
I'm pleased to say that the extra unsocial hours were counted and effectively boosted my final pension by around 5%.
Odd thinking that going part time could increase your pension but might be useful info for someone in a similar position.
Now where has the sun gone???
Was it really "everybody" that was Kung Fu fighting ???
3
Comments
-
Thanks for posting this. The information that the unsocialble hours attracted pensional pay increase will be useful to someone.
Enjoy your semi-retirement!The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards