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Awkward birthday and retiring at 56

Discussion in 'Retirement' started by jemmy, Feb 16, 2012.

  1. Hi,
    I have determined to take ARB for all the usual reasons. I've worked for 32 years, mostly for the same LEA, and just feel as if I've had enough - not of the kids, or of teaching my subject, but of ridiculous amounts of data, target-setting and other admin which is designed not to help the kids learn, but to cover the backs of the SMT. I loathe the way tha................ no, I must stop myself from going in to a major rant about what I hate about what education has become these days ........... a statistics-driven, bullying culture of micro-management!

    My question is this. I will be 56 on 6th September, a few days, obviously, after the start of the new year. Will it make that much difference if I go, aged 55 and 11 months, at the end of this academic year, rather than at 56? And if it should be that it would be better to go at 56, will I have to do a whole term and retire at Christmas? I suppose I could just about bear to do that, although my heart sinks in to my boots at the thought!
     
  2. No. You retire as at the 31st August, thus leaving at the end of the summer term and you can either take your pension then, on 1st September, or on your birthday, or at any other time you choose. You could easily manage to last those few days between 1st September and your birthday. Your pension is worked out on the number of days worked anyway. Go on the Teachers Pension website. they have a calculator there where you can see exactly what you will get in different scenarios.
     
  3. baitranger

    baitranger Established commenter

    It will make very little difference to your pension if you retire one month before your birthday.
    Use this calculator to see the exact amount.
    Cut and paste the link into your browser.
    http://www.teacherspensions.co.uk/resources/arb_calculator_npa60.htm
     
  4. Brilliant! Thanks, both!
     
  5. yes agree i retired 6 and a half months before my 60th on ARB and little difference
     

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