pension????

[northboy]

a friend of mine who is 55 received his pension figures yesterday from his old employer wedgwoods and was given 2 options of what amount each month he wanted to receive.
if he accepts either one of them,,,can he still carry on working part time or would he have to stop all together.

[roxie_09]

From what I understand, you can work part-time hours, but with a different company that is paying the pension, not 100% sure though. Am sure someone will know more about it than me x

[dzug2]

If it's an old employer he can do what he wants - if he were still working for wedgwoods there would probably be a rule about not carrying on working for them and drawing the pension at the same time, or at least restricting the amounts.

[welshlibranr]

I think he can work part time, but would need to retire from the current employer in order to receive his pension, and then go back, or to a new employer on a new contract!....

[northboy]

thanks all... he got made redundant from wedgwoods in 2001,but could not claim his pension until he was 55,so would he be ok to take this pension from wedgwoods and still work part time at mcr airport.
thanks

[craft1948]

I drew my state pension, works pension, and worked elsewhere for 20 hours a week..........

[SlackAlice]

I receive a works pension from a former employer and work full time (38hrs).

[northboy]

@slack alice...thank you..love the name..pmsl

[buildersmate]

The two options are almost certainly based on:
1) taking a lump sum for part of the pension value and receiving a reduced pension per month
2) taking no lump sum and a larger pension per month

[boxtops]

I would say yes, I took a pension from my old brewery job some years back, and am still working full time somewhere else.

[northboy]

@buildersmate
what happens when he does retire.will his pension carry on from wedgwoods.
or just take a pension out with his current employer

[buildersmate]

Occupational pensions stay with you. I have several from different past employers. Eventually I will draw on all of them. They will each pay me a different amount per month based on the terms of the pension. That is what your friend will end up with - a pension from Wedgwood, a pension from the new employement and the State Basic pension.
A while back it was quite common to be able to transfer into the new employer the previous employers pension rights (if the new employer would accept the value of the old employer's pension to provide the number of years service accrued under the old employer). This doesn't now really happen (apart from the civil service where some still can transfer across - but we all know what gravy-train those people are on).

[factor-fiction]

Yes if he draws his pension he can still work as many hours as he likes. His tax, though, would be based on his overall income