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Any changes to taking early retirement in Gov Spending Review?

Discussion in 'Retirement' started by anniesophie, Oct 20, 2010.

  1. Has anyone heard if changes to public sector pensions has affected the early retirement option to go from 55 onwards? I've 4 years to go and not sure how long I can last!! Thanks
     
  2. At the moment all the talk is about increasing the contributions and not about significant changes. This,of course, may change but Union advice suggests change to early retirement arrangements is not on the agenda. Early retirement is cost neutral and is a useful vehicle for getting rid of older teachers.
    I'm in a similar position to you but I'm 55 next year and wish to claim an actuarily reduced pension on my birthday. I'm hopeful I will be able to do so.
    A word of advice, keep your plans to yourself. School managers can be duplicitous and make your final few years uncomfortable.
     
  3. welshskyline

    welshskyline New commenter

    Peter99 - as far as I am aware, you will not need your employer's permission to take an actuarially-reduced pension at the age of 55. Indeed, the regulations now allow you to take part of your pension from 55 whilst still continuing working. Check the TPS website.
    As with all these things, if only we knew the future. The decision to take a pension early (with a 22% reduction in its value at 55) is intimately connected to how long you think you will live!
    Good luck.
     
  4. I got early retirement this summer.
    I was told that I was one of the last to get it in my
    county. My boss said it was a thing of the past.

    Personally speaking, grit your teeth and hang on
    for as long as you can. Each year sees your pension
    grow and under the present economic client, that is
    all good.

     
  5. I take it you mean it was topped up by your Local Authority rather than just receiving an actuarilly reduced pension?

     
  6. You can also stop work and not actually retire and take a pension. I will retire when i'm 53 next year and fortunately have a bag of cash that will keep me going for 6 or 7 years easily, as long as i don't go crazy with loose women or develop a cocaine habit. That means taking a pension when 58 or so so will only have it actuarily reduced a bit. Also thinking of vso for few years. Last time i looked i think the time can count on your pension.
     
  7. jacob

    jacob Lead commenter

    I cannot help thinking that a scheme for early retirements funded by HMG would be beneficial to the country in the long run. If a few thousand teachers retired early it would have to be "funded", but if the out of work teachers we hear about took their jobs they would be removed from the dole and join the ranks of tax payers. But this government not only seems to lack "joined up thinking" it also seems to lack any long term strategy, which is why it is now bowing to public outrage and doing Maggie Thatcher style u-turns.
     

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