Working and getting pension

Mumofthree, The state pension is not reduced if you are working or have an occupational pension . The only implication is that the total amount will be counted for tax purposes and you will be taxed on anything above your personal allowence .

I could retire in September, but I am planning on working till next June. I reduced my hours to 30 last year. I have opted out of my works pension already as it was only worth a couple of hundred, So, if I carry on working 30 hours does that mean I won't get all my state pension? Does it reduce if you carry on working a bit longer, I was hoping to save up a little bit.

With some NHS pensions ( 1995 scheme ) you can retire and return after a break if 24 hours but for the first month can only work 16 hours per week and then salary and pension combined cannot be more than previous WTE salary without pension being affected .

Not sure of your pension rules, but for info... NHS staff can take pension, "technically leave for 24hrs * then go back to work, either same post or as most do reduce hours to save tax.
Plus if you take your state pension you don't pay NI on your earnings just Tax.
Check your contract or ask the union rep. Good luck

When I retired you could take all your pension, and still continue working, but couldn’t earn more than you got paid pension wise, so reduced hours were necessary. Local Government pension schemes are usually some of the best there are.

are you in a union.
if not, why not.
if so, ask them.
being in a union gives many benefits, some of which would not occur to us while everything is going along smoothly.

Thank you

your occupation pension scheme has its own rules, so presumably this is one of them.

My understanding is that you only pay for a full tax year before your retirement date. I retired at 60 but paid voluntary NI contributions for 5 full years on a quarterly basis. I think it was about £800 per year. The HMRC advisor I spoke to explained that I would recoup all the extra that I had paid within two and a half years.

Hi I have just looked at my Pension Forecast and should retire March 2025 but it says NI Contributions until April 2024 is this right as I thought I had to pay them until 2005. Can anyone who has retired recently say when they stopped paying?

It is unfair but I would think that it’s in the small print of the rules of the Pension Scheme somewhere ? If not then challenge it.