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Actuarially reduced or phased retirement?

Discussion in 'Retirement' started by teena3, Dec 30, 2011.

  1. Hi
    Here I am with the prospect of a return to my fulltime job next week filling me with a certain amount of dread. I find myself back here as it is comforting to read how positive people feel about taking the leap into less money but more freedom!
    I am definitely making a change next summer either to retire 2.5 years early ( unsure whether to take my reduced pension or live off my savings for 2.5 years) or to see whether I could drop to 2 or 2.5 days work. Will need to talk at school to see if they could accommodate that but have no idea what would be the best financially. Do any of you who have been through these decisions have any advice or could point me in the direction or anywhere other than TPS ( I tried there but they said to get back once the pension negotiations are finished!).
    My pension will be about 25 years worth and I am at the end of the threshold.
    Thanks all and all the best for 2012
  2. lindenlea

    lindenlea Star commenter

    If you didn't take your pension you might still be able to protect your savings with some part time work. I know there's not much around but you might be able to get something. If you signed on there would be JSA initially.
    Supply is always a possibility or tutoring. I hate the idea of ARB although I understand its purpose but really it does come down to what you want to do with the rest of your life not just to the money.

  3. I took ARB because I could not stand to work in the school I was at any longer. But if I had still been enjoying the school but not the workload then I would have welcomed the possibility of going part time. Consider what it is you are dreading. Is it the people you work with? The kids? the job itself? Or the workload?
    If you can live off savings for a while then I would do that as long as possible because you will then get more pension when you do eventually draw it.
    there is a post on here quite recently from someone whohas taken phased retirement and he thinks it is a brilliant compromise.
    Each of us will have different reasons for taking the route we have and none of them will exactly match your own circumstances.
    Good luck whatever you decide.
  4. Talk to your union pension advice team - they are usually extremely knowledgeable and able to give you a very well informed set of options. Advice from professionals should always be preferable to well-meaning lay folk. Wesleyan Assurance act for NASUWT and seem to have an excellent reputation

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