Claiming a local authority pension but carry on working

Lemon_dr1zzle

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.

No it doesn’t work like that. A pension is income to replace income from employment. 

If you want salary and income you will need to flexibly retire and either reduce your hours or your pay grade 

sgx2000

I am 62.  Worked in Local Authority for 20 years, then left. 
20 years after that, at 60, was contacted and told my pension was payable.
Choice was large lump, lower monthly pension - or the other way around....

No benefit to not taking pension... would not increase by deferring it.

Took it and am now in receipt  of £6500 per yea, but taxed at the full 20%

It would enable me to go to a 3 or 4 day week, but,  better to take the pension, carry on working and pay it into a sipp or isa
This will then give you 2 pensions at 66

Silvertabby

sgx2000 said:

I am 62.  Worked in Local Authority for 20 years, then left. 
20 years after that, at 60, was contacted and told my pension was payable.
Choice was large lump, lower monthly pension - or the other way around....

No benefit to not taking pension... would not increase by deferring it.

Took it and am now in receipt  of £6500 per yea, but taxed at the full 20%

It would enable me to go to a 3 or 4 day week, but,  better to take the pension, carry on working and pay it into a sipp or isa
This will then give you 2 pensions at 66

Before anyone asks, LGPS inverse commutation (giving up some or all of the automatic lump sum in return for a bigger pension) ended many years ago.  However a few deferred members retained reserved rights to that option.

It is not an option for those who left more recently, or those still working/contributing.