The Fixer: Working for longer

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Dear Fixer,
I am approaching retirement age, but I am still fit and healthy and I want to keep working at least for a few more years.

I am pretty sure my employer will agree to keep me on, but I am a bit concerned about how staying on at work will affect my state pension.

Can I defer the payments while I am still in work? Or will I just miss out on the money? Thank you in advance for your help.

G French, Middlesborough

Dear Mr French,

The default retirement age - previously 65 - has now been phased out and your employer cannot legally discriminate against you by refusing to let you continue working because of your age (although some employers can set a compulsory retirement age if justified).

The other good news is that working longer will increase your state pension payouts.

In fact, those eligible - like you - to begin drawing a state pension before April 2016 can boost their payouts by 1.01% for every five weeks the start date is delayed.

Unless your work-based pension scheme is final salary, delaying retirement should also boost the eventual income received, both because your fund should continue to grow and because you should receive a better annuity rate if you are older when you buy one.

If you scheme is a final salary one, however, there is unlikely to be a positive impact to delaying the start of payments. I hope that helps.

The Fixer

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