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Basic Pension Advice
JuliaMary_2
Posts: 24 Forumite
Hello - sorry if this is a bit basic but appreciate some basic advice:
- Husband has worked for Natwest since 18 and is turning 58 soon: so 40 years service.
- he has a final salary pension (under old scheme); although he’s not on big salary and rises to pension we’re decoupled from pay rises and capped many years ago.
- he should end up with £20K or just above per year on his Natwest/private pension.
- he also has full payments of NI into state pension and should get that at 67.
My query is - he can’t claim pension until 60 (paid extra to keep at previous pension age). Once he’s paid 40 years is that it? Or can he keep paying in until he retires at 60?
we have sons in Uni and are helping them financially - as much as we can - if husband wanted to work till early 60s would this affect pension in any way?
- Husband has worked for Natwest since 18 and is turning 58 soon: so 40 years service.
- he has a final salary pension (under old scheme); although he’s not on big salary and rises to pension we’re decoupled from pay rises and capped many years ago.
- he should end up with £20K or just above per year on his Natwest/private pension.
- he also has full payments of NI into state pension and should get that at 67.
My query is - he can’t claim pension until 60 (paid extra to keep at previous pension age). Once he’s paid 40 years is that it? Or can he keep paying in until he retires at 60?
we have sons in Uni and are helping them financially - as much as we can - if husband wanted to work till early 60s would this affect pension in any way?
Also he was thinking of asking about partial retirement at 60 and working a few days per week while sons finish uni to keep income levels higher (from part time work + pension income) - if he had to work at lower grade would that affect what he could claim? Currently I think final pension is based on your best yearly earnings over recent years.
Thanks in advance
Thanks in advance
0
Comments
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The problem is that all DB/Final salary pensions have their own rules. So you have to get a copy of the Nat West scheme rules, and read them carefully, and this should answer most of your questions.0
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- he also has full payments of NI into state pension and should get that at 67.
Has he checked his State Pension Forecast?
https://www.gov.uk/check-state-pension
What exactly does it say?
Have you checked yours?
Re Natwest - does this help?
https://epa.towerswatson.com/accounts/NW1/public/natwest-group-pension-fund-benefits/
0 -
Albermarle said:The problem is that all DB/Final salary pensions have their own rules. So you have to get a copy of the Nat West scheme rules, and read them carefully, and this should answer most of your questions.
Agree. I would talk to the pension trustees to find out what the rules are.0
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