Working part time & taking pension early

stuwho

I'm 58 & currently in a superanuated pension scheme which I've been in for 34 years. I'm thinking about going down to 3 days work & taking my pension early when I'm 60, but then I'll be paying into a new pension based on the 3 days. Can I continue working 3 days indefinitely until I decide to retire altogether or is there a certain amount of time I'm allowed to only work 3 days? Not sure if it's a pension question or if it's really just down to my employer allowing me to continue indefinitely? The scheme is a local government scheme with Lothian Pension Fund.

hyubh

stuwho said:

I'm 58 & currently in a superanuated pension scheme which I've been in for 34 years. I'm thinking about going down to 3 days work & taking my pension early when I'm 60, but then I'll be paying into a new pension based on the 3 days. Can I continue working 3 days indefinitely until I decide to retire altogether or is there a certain amount of time I'm allowed to only work 3 days? Not sure if it's a pension question or if it's really just down to my employer allowing me to continue indefinitely? The scheme is a local government scheme with Lothian Pension Fund.

Do you mean, you are looking to take a 'flexible retirement'...? (https://www.scotlgpsmember.org/your-pension/planning/taking-your-pension/ or https://www.lpf.org.uk/planning-retirement/types-of-retirement/) If you aren't, you should be, since this is the intended mechanism by which you draw some or all of your pension while not actually leaving your employer.

Conversely, if you are looking at a flexible retirement, then there are no special duration caps from the pension scheme's end. At 58 there will likely be a strain charge payable by the employer to enable the early retirement part, but if that's not an issue, then great.