Your retirement options are flexible and working for longer can help you build up a better income for when you do retire, as well as making you better off now. You may not need to retire when you reach your selected pension age.
Here are a few things to think about if you’re not ready to retire yet:
- What happens to my state pension if I continue working?
You don’t have to retire when you reach state pension age. You can continue to work and take your state pension or put off receiving it until a later date. If you do that you may get either extra state pension or a one-off taxable lump sum. - Can I keep working?
If your employer allows it, you can continue to work beyond their normal retirement age. Alternatively you could get another job elsewhere. You will stop paying your National Insurance contributions once you reach state pension age. - Can I defer taking other pension income?
It will depend on the type of pension scheme that you have as to whether or not you can defer your pension income. If you are in an occupational pension scheme, it will depend on your employer's scheme rules and you should check with your human resources representative. If you have a personal pension or stakeholder pension, then you may have more control over when you start taking your income. Find out more about pension schemes in ‘Retirement information’ on the right. - Can I keep my contributions going?
If you have a personal pension or stakeholder pension you may have more control over when you retire and can usually continue contributing to the pension. Use our pensions calculator to see the effects of continuing contributions. - Can I take partial retirement or delay buying an annuity?
You may be able to use your pension fund to take income drawdown in stages rather than all at once. Use our information in ‘Your retirement options’ to find out more.
What next?
If you’re ready to find out more about what to do if you’re not ready to retire yet, you can either follow the ‘next’ link at the bottom of the page, or, if you prefer you can use the links to information and tools on the right.
