Receive Pension on 60th Birthday

polardesign

My Father In Law is retiring on his 60th Birthday. 27th Dec 08.

This is the earliest he can obtain his 2 pensions.

If he decides to finish work on the 20 Dec 08. Will this have a detrimental affect on his pension.:eek:

Will he still be able to receive it on from his 60th Birthday even though he finish working a number of days before his 60th Birthday.

tanith

Are you talking about Private Pensions or State Pension or Occupational Pensions? He won't get his State Pension till he is 65 anyway .. and it will depend on the small print as to wether he will get his Private/Occupational Pensions before his 65th Birthday he needs to either contact his Private Pension provider or his HR dept if its an Occupational Pension and find out what they say about it, there are lots of different scenarios and different pensions have different terms and conditions...

If he retires at 60 he may have to continue to pay National Insurance Contributions to safeguard his full State pension. someone with more knowledge will be along I am sure...

polardesign

Sorry for the lack of info.

The 2 pension I am talking aboout are his works pensions not state pensions.

He has forcasts for retiring at 60. He used to work for the County Coucil.

I am just checking whether he has to work until his 60th Birthday or finish work just before His 60th Birthday. Will this have a major effect his pension which he is able to claim on his 60th Birthday

chesky369

Can't he somehow manage to officially leave on 27th, but take holiday beforehand? Let's face it, 25th & 26th are bank holidays and loads of people take extra time around then anyway.

firesidemaid

i take it one scheme is for the job he is currently in and one is for a previous job/scheme?

has he applied for forecasts etc for either?

his 'old' pension will be paid from his 60th birthday if that is within the old scheme terms and conditions.

his current scheme would probably need him to work a full-year at a particular rate to get that rate (o/wise it will be based on the previous year's pay or the best of the last 3 years (or whatever the rules of the scheme are).

i presume it will be a pro-rata year if he left a week early, in terms of 'years earnt'. as another poster has said, he will probably need to work/take leave till the 27th to get the best deal.

regards the current scheme, he needs to get a forecast as he may be able to maximise his income in the long-term by working an extra few days/month etc.