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Advice please

Discussion in 'Retirement' started by samoneypenny, Sep 28, 2017.

  1. samoneypenny

    samoneypenny New commenter

    I’m 42. I have 4 years in the pre 2015 scheme and then had a break to raise a family. I now work part time and am likely to for the next decade. Deciding whether to sign up for the pension. I don’t know whether it will mess up the other 4 years which are in the better scheme. I find the calculators don’t really give me the answers and trying to ring the help line means a 45 minute wait being followed by getting cut off... driving me nuts.

    The reason I’m planning on a decade of teaching is because we will be moving then, the future plan is Supply.

    Extra question - after retiring and claiming your pension can you still do Supply?
  2. robert1t

    robert1t New commenter

    We have a bloke who used to moan that he couldn't wait till he retired.He retired ,now he is back with us teaching 16 hours a week! In my opinion he is stopping us recruiting new staff.When I retire I will definately not come back to teaching,enjoy retirement while I can,maybe drive tesco delivery van for pocket money but definately not teaching.
    samoneypenny and seasoned like this.
  3. emerald52

    emerald52 Star commenter

    It wont affect the other 4 years. Sign up as employer pays a big chunk and you get tax relief. A very good pension scheme. You can do supply after retiring. If retire before 60 no effect on pension. If retire after 60 have to earn with pension less than salary of reference. Read some of the other threads and look on TPS website.
    FrankWolley likes this.
  4. seasoned

    seasoned Occasional commenter

    I totally agree..!! I'm taking early retirement at Christmas after 35 years in the profession at the age of 58 - this will be the end of my teaching career..!! I'm looking forward to next stage of my life which may at some stage involve some part time work...but definitely not teaching. Good times....
  5. stopwatch

    stopwatch Lead commenter

    Ditto - definitely considering working, but definitely not teaching - not in a school anyway. Retiring this Summer Yeeeehaaaaa!!!!
  6. PeterQuint

    PeterQuint Lead commenter

    Anything in the old pension is now completely locked down.

    The only things which can change what you'll get from it are inflationary increases and a reduction for every year you claim it before you're 60.

    Entering the new scheme (or not) will have no affect.
    emerald52 and wanet like this.
  7. tolkien28

    tolkien28 Occasional commenter

    Yes i so agree with you and have worked in schools too where colleagues have retired and then they're back a few weeks later with the caveat that they're not touching a computer or anything involving whiteboards!!

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