A: I'm afraid not, the green paper proposals are not law. The change to allow flexible retirement must be brought in by December 2006, when a new European directive comes into force. We hope it may be introduced earlier.

A: We understand at this stage that the proposals will not be retrospective and the funds you have built up at the date of introduction of these proposals (which it is hoped will be in April 2004) should be protected. There is a consultation period of three months after which it is hoped that more definite proposals will be brought forward and we will have a clearer idea about the rules.

Q: I am 61 and receiving my state pension. I am also continuing to work. Is it OK to continue working? I declare my pension on my tax return.
Mrs Morris, UK

A: Receipt of the state pension is not dependent on you having finished work, you can therefore continue to work and draw your pension for as long as you are able. The only implication is tax, which you appear to realise.

A: We cannot give you definite financial advice as to what you should do. Obviously, however, your personal needs are very relevant here. You could consult an independent financial adviser. However, at the end of the day there is no one who can predict what will happen to the stock market or other investment returns. As you have four funds, one idea might be to draw some of the benefits or from some of the funds and leave others, but we cannot say that is necessarily right for you.

A: If you have been paying National insurance contributions under the UK state pension scheme, you will have built up an hopefully entitlement hopefully to a state pension. This will be unaffected by the Green Paper. You can obtain a forecast.

A: Generally, being a member of a company pension scheme is a good idea, as you will receive the benefit of the company's contributions. If you do not understand the way the scheme works, ask your personnel department to let you have a contact address for the trustees. You can then ask for a copy of the scheme booklet. In terms of saving for a pension, it is an individual decision but you may get some guidance from the Financial Services Authority/Association of British Insurers calculator, which you can find at http://www.pensioncalculator.org.uk or access it through http://www.bbc.co.uk/pensions.

A: We are not happy about the workings of the minimum funding requirement or the regulations covering the amount of company debt in these circumstances. The Green Paper has said there may be changes in the form of greater protection, but we will be pressing very strongly for these to be introduced. I note what you say about the response you have received from Opas, the question that is relevant here is whether the owner of your former company was legally entitled to this level of benefit. If you are unhappy with the response you have received, please contact us again.

A: I am afraid that it probably is correct that tax at 20% will have to be deducted.

I agree with you that this is quite unfair in your wife's circumstances and we have already taken this issue up as a point of principle with the Inland Revenue.

Unfortunately, there was nothing in the Green Paper which would help your situation.

A: People working beyond 65 will receive a higher tax allowance. From the tax year 2002 to 2003, it is �6,100 for people between 65 and 74, and �6,370 beyond the age of 75. This is compared to �4,615 for people under 65.

The government has said it plans by 2010 to change from 50 to 55 the earliest date at which you can draw pension benefits. It is not yet known how it will be phased in.

A: We can not give specific financial advice. However, you should think very carefully and possibly obtain independent financial advice of your own before continuing to make any more payments to Equitable Life. There is ongoing concern over the viability of Equitable. It appears the trustees of your pension scheme offer other AVC options, which it may be worthwhile considering. If you earn less than �30,000 a year you may also have the option of taking out a stakeholder pension.

A: The current regulations governing the amount an employer has to put into a pension scheme when there is a deficit on winding up only requires the benefit provided up to a level of what is known as the Minimum Funding Requirement (MFR).

This will not enable the trustees to meet the full pension promise for people who have not yet retired. Generally speaking, the closer you are to retirement the higher the percentage of the full pension that will be covered. People in receipt of pension currently have a higher level of priority if the scheme winds up. In these circumstances, the employer is required to bolster the funds to enable pensioner's benefits to be provided in full.

The government has put forward a possible range of measures which may increase the level of protection for deferred members, but it is not known which - if any - of these will be introduced.

A: Unfortunately, Julian, it is not as simple as that. Even if the fund in which your personal pension is invested performs fantastically well, it is very unlikely that it will provide you with sufficient income in retirement (depending on your requirements). Between now and the date you retire, the purchasing power of your fund will be affected by inflation as well as other factors, such as, the level of annuity rates when you retire. The Financial Services Authority, the city watchdog, and the Association of British Insurers have recently produced a calculator to help people calculate their retirement income. There is a link on BBC News Online's pension special, http://www.bbc.co.uk/pensions.

For more specific guidance you would need to seek advice from an independent financial adviser.

A: Members of pension schemes have the statutory right to access information and documents about their pension scheme. One of the problems we see at the moment is that there is no requirement to inform them of that right. Members can, for example, request copies of trustees annual reports or the rules of the scheme.

There was some mention in the Green Paper about improving access to information on pension schemes, particularly with work-based schemes. We will be interested to see what detailed proposals are brought forward. In the meantime, if there is any information you have difficulty getting, then please get in contact with us at Opas.

The opinions expressed will be Malcolm's, not the BBC's. The answers are not intended to be definitive and should be used for guidance only. Always seek professional advice for your own particular situation.