#3
Hi



AFAIK you effectively start a new employment contract, so all your history and benefits etc may be lost.



You old 5 day post is terminated and your pension benefits are released in full.



Your new 3 day contract starts and you are a fresh employee, and can join a pension scheme for the relatively short time you are still there.



Perhaps the employment contract may just be varied to a shorter working week, but it may not. Things like long service awards, extra leave entitlement, sick pay etc are lost and gone for ever.



However you work 3 days a week, have a large lump sum in the bank and get paid a pension. The tax and NI will probably be lower on earnings etc so that you have time and money for a better life.



IT DOES need careful thought and a negotiation with the employer, but can be beneficial.

#4
the guys here in a similar position a couple of years ago did it, are still here on 3-day weeks, and loving it...plus as one of them said, I can go fully any time I like

#5



Will I loose out on my final retirement amount if I work over 3 years before finally retiring?
Originally posted by Dixy


No, because you have already taken your accrued pension and it will be based on your accrued service & salary at that point.






Am I able to leave the lump sum until final retirement?

Thanks in advance.
Originally posted by Dixy


No, you have to retire and take all your pension benefits when you (partially) retire. I think, but am not sure, that you will accrue "new pension" for the years you subsequently work part time under the current scheme

#9



No, because you have already taken your accrued pension and it will be based on your accrued service & salary at that point.







No, you have to retire and take all your pension benefits when you (partially) retire. I think, but am not sure, that you will accrue "new pension" for the years you subsequently work part time under the current scheme
Originally posted by Andy L


Thanks for all the replies it has cleared up a few points.

The stuff I have read so far can be a bit confusing.

I have put figures into the on line calculatior and it looks ok as far as I can see. I just don't want to make a mistake and loose out.



It would appear that won't be the case, so long as I am over 60 I will get the full pension I am due.

I should get a bit more at full retirement too.



Just need to get management to agree my new part time contract.

#10
Friend of mine worked in the civil service years said the new employees are told dont look out the window in the morning otherwise you will have nothing to do in the afternoon.

Meanwhile us lot in the private sector working 55 hours pw week plus then getting stopped £400 in tax to help fund your take the money and run pensions at 55

Who is online

Users browsing this forum: No registered users and 1 guest

cron