Claiming a local authority pension but carry on working

sevenhills

I am 60 and feel like I want to save for my pension. I want to be richer in retirement so that I will spend money and enjoy it.
I am in good health, but I don't want to leave it too late.
I enjoy working, but just thinking about claiming my local authority pension of £4k per year, so that I would feel richer and enjoy life more.
I could spend the £10k in my SIPP, how do you know when to start spending? More of an issue for poorer retirees?

GibbsRule_No3.

Seven hills. I am now 68 but like you at 60 I had the option of taking, in my case a deferred CS pension.  I did take it to enable me to drop to a three day week, with the intention of retiring when my SP kicked in at 65+ under the new SP scheme. Of course Covid came so I continued to work, still am but now with another private pension and the SP also in payment, as well as a two day week monthly pay packet.  I am fairly fit and even though my work is active, I am a printer, I don’t find it hard.  I consider it the best of both worlds, so would say to you, yes try it.  I am trying to put the wages away in a bank savings account and am paying into a Stakeholder Pension (going down quite a bit at present, but the extra bank savings mean I hope not to use it until it swings back), so adding to a more financial comfortable retirement when I do give up but if I want to treat myself to a new gadget or a holiday I can. I am single, so going out the two days when I know I have to does stimulate me, the other five days I meet friends and family or just do my own thing, nice to have the choice.  The main problem I have is actually knowing when I should really call it a day.  I’d almost hope my company will make the decision for me.

Kim1965

Is the pension deferred?
Have you other pension provisions?

sammyjammy

If the pension is due at 60 then there is no benefit in delaying taking it, you are just losing out.

sevenhills

Kim1965 said:

Is the pension deferred?
Have you other pension provisions?

I am still working and paying into my West Yorkshire pension fund, I only have my SIPP

Kim1965

Ok, so you will have a lgps aswell. 
No harm. On taking the deferred i guess

Silvertabby

sevenhills said:

Kim1965 said:

Is the pension deferred?
Have you other pension provisions?

I am still working and paying into my West Yorkshire pension fund, I only have my SIPP

Then, if this is your only LGPS pension, you can't just take your benefits to date and carry on working.

You would have to apply (through your employer, not your LGPS) for flexible retirement.  This usually means starting to prepare for full retirement by reducing your  hours to part time.

Based on the figures you have provided, it's likely that your reduced salary plus pension will be less than your current full time salary.

However, if you mean that you have old deferred benefits with another employer, which are payable unreduced from age 60, then that's a different thing altogether.  ie, yes you can take this pension and carry on working on your current hours/salary.

sevenhills

Silvertabby said

Then, if this is your only LGPS pension, you can't just take your benefits to date and carry on working.

You would have to apply (through your employer, not your LGPS) for flexible retirement.  This usually means starting to prepare for full retirement by reducing your  hours to part time.

Based on the figures you have provided, it's likely that your reduced salary plus pension will be less than your current full time salary.

If I just carry on working as I am now, by the time I retire I will be much richer.
I work term time only, so I want to be richer now, whilst I know my health is good. It's just a thought at the moment.
When I am 65 my mortgage payments will end, so as I get older I will be richer.
It would be much simpler to carry on working and claim my pension,  but I guess it doesn't work like that.

Marcon

sevenhills said:

Silvertabby said

Then, if this is your only LGPS pension, you can't just take your benefits to date and carry on working.

You would have to apply (through your employer, not your LGPS) for flexible retirement.  This usually means starting to prepare for full retirement by reducing your  hours to part time.

Based on the figures you have provided, it's likely that your reduced salary plus pension will be less than your current full time salary.

If I just carry on working as I am now, by the time I retire I will be much richer.
I work term time only, so I want to be richer now, whilst I know my health is good. It's just a thought at the moment.
When I am 65 my mortgage payments will end, so as I get older I will be richer.
It would be much simpler to carry on working and claim my pension,  but I guess it doesn't work like that.

What have you done about resolving the issue you raised in April, which might give you a solution to your financial preferences: https://forums.moneysavingexpert.com/discussion/6349066/daughter-and-partner-freeloading#latest

Flugelhorn

I took DB pension at 60 as if I hadn't I would have just lost the money, carried on working but tax was ugh - still I did it because I enjoyed it 

sevenhills

Marcon said:

What have you done about resolving the issue you raised in April, which might give you a solution to your financial preferences: https://forums.moneysavingexpert.com/discussion/6349066/daughter-and-partner-freeloading#latest

He started a new job today, it's a start.