Retirment on state pension.
I am 17 mths in to a 6 yr IVA and I will be 65 next June. I currently work part time and earn slightly more than the state pension and intend to carry on working when I reach retirement age. My question is, if I draw my state pension will I effectively lose it to the arrangement or just a percentage of it. Or can I opt to freeze it for say 2 yrs to increase the pension to the level of my wage so as to keep current IVA payments stable.
Although I do have plenty of time to sort this out some heads up on the rules would be welcome. Thanks in anticipation
Any changes can be dealt with at the review stage whether you retire. I see no reason why you could not defer if you continue to work but check with your IP. They may well have factored your age in when drafting the proposal.
