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Advice on Retiring early needed please.

Discussion in 'Retirement' started by iankelly, Jan 7, 2012.

  1. Hello There
    I would be grateful if colleagues could be able to clear up some questions I have regarding retirement.
    1. I am 55 at the end of September 2012. Can I retire in July? I know that if I do I will be paid till 1 September. But will this affect my pension in any way as I will not be employed when I retire as I will be 54 and 11 months on September 1st?
    2. Would it be better to stay on working till I am 55 at end of September? If so would I have to wait until Christmas 2012 to retire or could I leave at half term?
    3. Can I apply for ARB while I am still 54 and 6 months old? or do I need to be actually 55 when I apply?
    It's becoming such a hard job and I really feel the time is right to go, but I just don't want to make any slip ups with the timing.
    Thank you all so very much if you can help :)
  2. I cant see any major benifits in grinding out an extra few weeks if you really want to go in the summer. However, the longer you stick it out the higher the pension and smaller the ARB reduction.
    You need to apply at least 6 weeks before you hit 55 if you want to get your pension on your birthday.
    Take a look at the applcation form and notes;
  3. Not an answer to your question but another, related but very relevant question......
    I am 53 and intend to retire from teaching at 55. My salary in £ will have been static for 4 years. Due to inflation, the highest value for my salary would have been reached within the 3 years 2008-10. Would my pension be based on my final salary in 2014 or be calculated by applying CPI to the period 2008-10? The latter would be higher. With apologies if this has been covered elsewhere.
  4. Not completely certain but the higher figure from the earlier year would apply. My "average" salary was higher than any salary I ever earned.
    Check with TPS. Their helpline is very good in my experience.
  5. Me too.
    I would advise the OP to go at the end of August but live off savings for one month and then claim your pension from your birthday when you turn 55. I don't think you can claim it before then. You will get your salary at the end of August which should see you through until you gget your lum sum.
    You will not be able to retire and leave at a half term.
  6. Apply in plenty of time. You don't have to be 55 to apply just to receive the pension.
  7. If you have any savings, you might be better off using them up before applying for your ARP and lump sum if you can. The longer you leave taking your pension, the higher it will be.
  8. I too am thinking about going early ..... will be 59 in April. Will have to use good part of lump sum to pay off mortgage. Feeling nervous about managing on a much, much lower monthly income ..... supply thread not very encouraging for topping up.
    How have others found it? Would very much like to hear your views.
    Many thanks
  9. Managing on a reduced budget takes some adjusting to but think of this:
    • You now have time to shop at leisure to take advantage of market days, different supermarket offers etc.
    • You now have time to cook at leisure so can take advantage of cheaper cuts of meat etc.
    • You now have time to grow your own food.
    • You now won't need so many smart clothes.
    • You don't need to take holidays in term time. You can see whern the cheap flights are offered and go when and wher to take advantage.
    • You have time to make presents and cards for people.
    • You have time to take care of yourself, to exercise, to enjoy nature, to sleep when you want, to see friends when you like.You have time to find deals on anything and everything you want to.
    And there is some supply available in some sectors in some areas. As a pension top up it can work.
    Be positive and you WILL manage.
    Good luck.
  10. Jenny - why can't you have ARB - this should be from 55 years of age.
  11. According to TP, ARP is only available if you have a record of continuous service; I had time out to have a family.
  12. Not true.
    The only criteria are that you are over 55, you were a member of the TPS on or after 30th March 2000 and you have been in the scheme at least 2 years.
    I have gaps in my service when I was on Supply.
  13. "Don't forget that you don't pay National Insurance or pension contributions."
    I have been told that I would still pay NI until I reach state pension age. Is this not so?
    Thank you for the uplifting comments and Jennybrice I do hope there is a way round the TP situation for you.
  14. Colin is spot on as usual.
    However, you may make volutary contributions if you don't have the required number of years for a State Pension. Get an assessment from the HM Gov website.
  15. Dunteachin

    Dunteachin Star commenter

    Jenny, I had five years out to have my children but still got ARB at 55.
  16. welshskyline

    welshskyline New commenter

    Jenny, have you actually contacted Teachers Pensions yet to get advice about your situation? Do not rely on "advice" from anyone else, however well-intentioned.
    576 likes this.
  17. JTL

    JTL Occasional commenter

    I have just spoken to Teachers' Pensions and asked them to send me the forms. I will be 55 in April and am going to apply for my early pension.
    I received a pension statement in September that told me how many years and days I had accrued so far, what therefore my lump sum would be, and my yearly payout based on those figures.
    Having supplied for many years, though having taught since 1978 with only a two year break, I have nearly 18 years pensionable service.
    I made sure all the details of employment were correct which meant writing to one LA asking them to contact TP to update a few gaps, which they did.
    I don't think I will continue to do Supply for much longer. I have had a few vile days recently and I hate getting up and waiting for the phone to ring.
    However, TP have told me that I can opt to take my pension early, inform my LA of my intentions and tell them I will still be available for Supply, after a day's break in service. They should agree, and then I can work as much as I like without any limitations as to how much I can work.
    I am really just keeping my options open and would like to think that somewhere out there is a rewarding, interesting job I could do for a few more years away from teaching.
  18. Not sure about all this contacting the LEA malarky!! I'm off in July as well. I have already bought my flight to Kathmandu (one way) and will be spending a few months in Nepal, breathing clear air and walking. Then down to India for sixth months, following the festivals, then to Burma. Not sure after that. I may go and live in Thailand for a few months, but want to spend time touring Indonesia. Do you need to work? Do you really need to keep doing this to yourself? Life's too short and all that.I think at least one gap year is in order ...
  19. JTL

    JTL Occasional commenter

    mymoose, your plans sound wonderful. No, hopefully I won't need to work as the mortgage will be paid off just before I get my TP. However, my husband will probably do a couple more years and then we will plan something exciting. We never had a gap year so some travelling would be great. Yes, life is too short which is why I am taking my pension at 55.
  20. Dunteachin

    Dunteachin Star commenter

    JTL I am in a similar situation to you pension wise and took mine 18 months ago at 55. I have topped it up with 1 or 2 days a week supply in the same school and am now doing a short term contract there, again a couple of days a week. I haven't regretted it ( except when I've had a bad class! ) I just wish I could win the euromillions...

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