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5 simple steps to access pension early?

Discussion in 'Retirement' started by Steve5737, Oct 12, 2015.

  1. Steve5737

    Steve5737 New commenter

    Can I ask what steps people have taken to access pension? ie.
    When was a good time to submit forms?
    How long did this take?
    Any ideas to smooth the process?
    Do you have a named person to deal with?
    How accurate was pension forecast to actual pension payout?

    Sorry about the pinikety questions, but excitement is kicking in. I intend to go on Aug 31st 2016 and would like to know how to manage the timescales please. Resignation already submitted.
  2. Mrs Hiughes

    Mrs Hiughes New commenter

    I applied in June to retire on my 60th birthday in November and the figures were the same as the calculators on the teachers pension website. It was all very easy to do online......so far!
  3. tudor01

    tudor01 New commenter

    I submitted Phased Retirement application last week and am waiting for the TP people to let me know what, when, where, how, etc it all happens. I am going part time at the start of next term (January 2016) to a three day week although tested the waters this term by doing a four day week - glorious and now cannot wait for my 3 day week! I will take a small hit on the ARB part as I am nearly 59 - (later this month). No clear idea of exact amounts but I think I have calculated it well enough. 75% of pension plus 3 days a week pay - this should pay me about the same that I was on last summer as a full time teacher.

    If you can - go for it! My Fridays are so good now.
  4. Jeannine34

    Jeannine34 New commenter

    I decided to take early retirement aged 59 (September 2015) and submitted my application (far too early!) in May. I sent in the forms by post but otherwise everything else was done online, including tracking my application and the different stages of the process. (It goes from 20% to 40 to 60, then 80% about a week before the big date! They do state that the end of August / beginning of September is a very busy time for them as I suppose the majority of teachers retire at that time.

    I had spent a lot of time beforehand using the TPS calculators, and in fact both the lump sum and the pension I actually received were slightly more than the calculators had led me to expect - a nice surprise!

    I did not speak to anyone on the phone, and the whole process seems extremely efficient. All went very smoothly and I have been very impressed!
  5. Steve5737

    Steve5737 New commenter

    Appreciate that. I'm 53 now and will finish one month before 54th bday. Can't do anymore after 32 years in education!
  6. lindenlea

    lindenlea Star commenter

    Don't think you can take anything before you're 55 Steve,
  7. Steve5737

    Steve5737 New commenter

    Thanks linden. Nope I know that, I will look for something p/time to carry me through
  8. lindenlea

    lindenlea Star commenter

    Thank goodness. My heart sank for you, but I'd got the wrong end of the stick :)

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