The Rough Guide to Retirement by Rough Guides

Author:Rough Guides
Language: eng
Format: epub
Publisher: Apa Publications
Published: 2015-08-12T04:00:00+00:00

Source: GOV.UK

Your employment options

If you choose to work beyond your State Pension Age, you need to think about what type of work you’d like to do, and, ideally, the hours you’d like to work. There are a number of different options, the main advantages of which are explained below.

Continue in your job

✔ In the vast majority of cases your employer can’t stop you doing this.

✔ This may be the best option if you are looking to maximize your salary.

✔ Familiar with current role and working environment

Switch to part-time/flexible hours

✔ Familiar with working environment but on reduced hours

✔ Offers more phased approach to retirement

✔ May be able to defer taking pension

Find a new job

✔ May be an opportunity to take on a less demanding role

✔ Opportunity to retrain or work in a different field

✔ Opportunity to work part-time

Self-employment

✔ Flexible – can work hours to suit you

✔ May have skills or expertise to work as a consultant

✔ Opportunity to pursue fresh challenge

What are your rights?

Gone are the days when your employer could pension you off once you reached a certain age. In 2011 the law changed to outlaw enforced retirement. Since then the number of older people in the workplace has grown steadily.

However, while employers can’t impose a default retirement age, they can set a retirement age for specific jobs in certain circumstances. These restrictions usually apply to more physical occupations and workers retain the right to challenge them legally.

☞ TOP TIP If you intend to work beyond your normal pension age you should inform your employer at the earliest opportunity. You may also need to inform the trustees of your company pension, if you want to delay taking this benefit.

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