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HOW WORKING LONGER AFFECTS PENSIONS
Page 45
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• Government inducements to defer retirement are currently fairly modest but it has pledged to make them more attractive.
Although people can now draw pensions while earning, their combined income could push them into the 40% tax bracket and make the financial rewards for working fairly limited.
Des Hamilton, technical director of the Office of the Pensions Advisory Service (OPAS), says: "There was a time when many people dreamed of retiring at 50 but that is a dream. The government now wants employers to encourage people to carry on working.'
However, the Department for Work & Pensions says a new state pension credit scheme, being introduced this October; will not help pensioners who continue to work unless their weekly income is less than £139.