Pension pot

netsloh

Hi everybody can someone please explain to me if I could take money out of my pension and still work? I’m 59 this year and I’ve been working for the local government for 26 years can I take some of this pension out and then work part time or can I take some of the pension out and work full-time? How does it work? I’m really not a favour with this. I’ve spoken to HR payroll and Pensions who all keep moving round to the other department, please could someone help me

FlorayG

I took £5,000 out of my company pension as soon as it was allowed and I now get state pension
I'm still working full-time

TheSpectator

FlorayG said:

I took £5,000 out of my company pension as soon as it was allowed and I now get state pension
I'm still working full-time

Do you have a local government pension? If not, your reply is not relevant to op.

Suggeat you start here OP - https://www.lgpsmember.org/

QrizB

netsloh said:

 I’m 59 this year and I’ve been working for the local government for 26 years

Are you in the Local Government Pension Scheme, LGPS?

If so, this sounds like a flexible retirement question and I hope @Silvertabby will be able to explain it to you.

Silvertabby

netsloh said:

Hi everybody can someone please explain to me if I could take money out of my pension and still work? I’m 59 this year and I’ve been working for the local government for 26 years can I take some of this pension out and then work part time or can I take some of the pension out and work full-time? How does it work? I’m really not a favour with this. I’ve spoken to HR payroll and Pensions who all keep moving round to the other department, please could someone help me

The only way you can access your LGPS pension and carry on working (usually part time) would be if your employer approved your request for flexible retirement.  This is very much an employer discretion, and will very much depend on your job - ie, if they are able to distribute your unworked hours among the existing staff, or if they need to recruit another part timer.

Another stumbling block in your case is the fact that you have R85 protections in respect of your pre 2008 benefits.  Meaning that your employer would have to pay the strain costs between your age at going flexi and age 60.  You are aware that if your application is approved, and you opt to take all of your benefits, your post 2008 accruals would carry the full reductions for early payment?

First step will be to run your request through your employer, stressing that you are asking for flexible retirement.