Act fast before the end of the tax year
Here are some useful hints that may improve your pension prospects.
Some employers may allow selected staff aged 50 and over (rising to age 55 and over from 6 April 2010) to claim an income from their pension while they work full time. This option has been made possible by changes to pension rules in 2006, known at the time as A-Day. For members of defined benefit schemes, the size of the annual pension payment is cut by a certain percentage for each year the worker claims their pension early. However, members continue to accrue further pension rights under the plan, which is typically based on career-average pay, even when claiming a pension and salary in tandem.