I just can't work out when I can retire!

[peachybabe]

I'm 50 yrs old (born Nov 1958) and work in local government. I will have been with the same authority for 30 years on 1/10/2009. I have always paid a full pension since starting work in 1977. There have been so many changes to pensionable age over the last few years, and my pension statement doesn't make things any clearer. Can anyone tell me when I can retire with everything that I am entitled to i.e. no penalties.

[redman41]

http://www.thepensionservice.gov.uk/state-pens ion/forecast/home.asp
Go to the above site where they have a retirement date calculator.
Good luck

[craft1948]

Well peachy if it's the same as my final salary pension scheme the answer is 60. I could have drawn my pension once I was 55 but would have incurred massive penalties.

[New Judge]

The usual penalty for taking early pension (and lump sum) in a final salary scheme is about 5% off both the annual pension and the lump sum for each year it is taken before the normal retirement age of the scheme.

However, bear in mind that if you take the pension at (say) age 57, you receive 85% pension for the three years to 60 and this is lost if you leave work early but defer the pension.

[Mrs_Pegasus]

Ring your Pension dept and ask.

Arent you still under the 85 yr rule (yrs of service + age=85) therefore you would be able to retire when you reach this.

[thugulike]

You may want to request ER under the rule of 85. That is when your service and age add up to 85. If you're under 60 you can only make a request which the employer doesn't need to agree to. Only when you are 60 can you go under the rule of 85 without either your employers permission or incurring an actuarily reduced pension (ARB)