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Contemplating early retirement - advice appreciated.

Discussion in 'Retirement' started by Cakemate, Mar 14, 2012.

  1. Cheryl

    Interesting info about the NAHT retirement course...I'd been wondering whether something like this would be useful.
    My synpathies to anyone caught up in the ILEA pension fiasco - what a nightmare.
     
  2. It truly is, Cakemate
     
  3. I have tried the first five of your suggestions, Cheryl, but with little result. The Unions are aware of the problem, and have been since ILEA was disbanded over 20 years ago, and have been unable to resolve the issue. I have written to my MP several months ago, but no reply as yet. The only advice the NAS gave me was definitely not to go to the press, as this might be considered gross misconduct'.
     
  4. Gross misconduct my a***e. I wish you luck. Perhaps someone on here can point some journalists in the general direction of this issue as I haven't seen anything in the mainstream press.
    Anyway, I'm not a career teacher and took early retirement - well, redundancy through boredom really - from I.T. back in 2000. I ended up doing a CELTA course (and part of a C&G) and currently teach English part time in Italy which helps with the pension, which is around half that of the OP.
    Learning a new language is a challenge, I don't go on expensive holidays as it sometimes feels I already am (plus money constraints!) , I've got skiing on my doorstep, I work freelance so little stress ,no OFSTED and I avoid the local teaching bureaucracy even though I work in schools as well. Experience of FE colleges and Skills for Life and producing ILPs for students who don't speak a word of English makes me appreciate what I have. Today I used a home-produced recording for a CLIL type lesson in medium school, I regularly teach primary, do privates for senior school and adults and do evening classes/commercial courses for adults and am never bored of the teaching in all its variety. Not too many hours in total and really flexible.

    Incidentally, most staff rooms here have rueful cartoons on the wall about increasing retirement ages and, it's probably like the UK, most teachers can't imagine teaching until 65/7...

     
    emerald52 likes this.
  5. CherylSalmon

    CherylSalmon New commenter

    The union advises you not to go to the press??? If they can't do something about this do you value their advice?
    You might get better results from your MP if you make an appointment at his/her next local surgery for constituents.
    Do you have any evidence of your teaching employment like payslips, offer letters etc?
     
    emerald52 likes this.
  6. I have written to my MP, both about the issue itslef and requesting an interview, twice, but so far, there has been no reply. I have scoured the house from top to bottom looking for a payslip or anything but, given that we have moved twice since I worked for ILEA, I was not surprised when I did not find anything. Although I have never thought to keep bank statements for 20 years, it did occur to me that my bank might, as I have been with them since Uni; they do, but not that far back. Even if the bank did, all this would prove that I was paid by ILEA, not that I contributed to the pension scheme.
     
    emerald52 likes this.
  7. That is shocking to read Jenny - why don't people know about this? Are a lot of people involved? It is stealing monry from you and it should be enough to know that you were employed in those years. I thought it was only part timers that didn't have to pay into a pension scheme unless they opted to do so. I got caught out in that way and didn't contribute during 6 years of part time.
     
  8. Your MP hasn't replied after several months? That is appalling. Get yourself down to a 'surgery', after warning him/her that you would do so and re-submitting the facts.
     
    emerald52 likes this.
  9. alan_carter571

    alan_carter571 New commenter

    I recently received this note about retirement courses from Teachers Pensions, which may be relevant.

    Teachers’ Planning Retirement seminars – Please be aware
    We’ve received several queries regarding seminars for teachers approaching retirement, which are being offered by ‘Teachers’ Planning Retirement’, the ‘Teachers Retirement Agency’ as well as other providers.

    Teachers’ Pensions don’t provide advice services and these seminars are not being delivered by Teachers’ Pensions, nor do we appoint companies to deliver the seminars on our behalf. The only member presentations we deliver are through our Employer Relationship Managers and in partnership with the Prudential and we do not charge for any seminars that we deliver. If you are seeking independent advice you can contact your union or look at the following:

    www.unbiased.co.uk - used by many private sector schemes to point people to independent financial advisors.

    www.pensionsadvisoryservice.org.uk - set up by the government to offer free, impartial advice for people with workplace and personal pensions.
     
    emerald52 likes this.
  10. Jesmond12

    Jesmond12 Star commenter

    I am retiring at the age of 58. I am so relieved that I have told the GB and I have not regretted it once.
     
  11. dogpile

    dogpile New commenter

    to Jennybrice

    What about old colleagues? I know we all lose contact but Facebook is good source for tracking people. Have any of them got this sorted, and if not you have the basis of a pressure group. There must be a lot of people in the same predicament and only by organising yourself as a group will it gain some traction. I wish you luck.

    to Cakemate

    It does come down to your finances and commitments. I survive on a similar amount despite having kids in education. But I've no debts and some investments/savings. I sat and projected by expenditure for a decade including holidays, cars and student outgoings so I'm living within my means. Don't jump with big debts.
     
  12. Lara mfl 05

    Lara mfl 05 Star commenter

    @dogpile. Are you aware the posters before Jesmond's post 30 are all from 2012? :eek: Most of the replies are from people no longer posting on this site, excepting lindenlea and Dunteachin.;) Certainly not the two posters to whom you have replied.
     
    peggylu, thistledoo and lindenlea like this.
  13. the hippo

    the hippo Lead commenter Community helper

    Retiring is a good idea, I think, but do not do it in the UK. Retiring in the UK is too expensive.
     
  14. khib1

    khib1 New commenter

    Hi I retired last summer at age 57- my teacher husband took phased and now works 3 days a week. My pension is less than you are expecting but that is partly because we took the bigger lump sum. I expect my hubby might fully retire this summer so we will be living on considerably less. We saw 2 financial advisors and both attended retirement seminars. Two things struck me about the advice we received a) when you really look at how much tax and national insurance contributions and pension contributions you will NO LONGER be paying in actual fact the drop is not as much as you think b) you have to get used to spending your savings as that is what you worked for. When we both worked I didn't really keep an eye on finances but I do now and have been surprised that despite maintaining a similar lifestyle ( meals out etc) we are within our pension amounts. We have invested some money and aim to take an income from that too.
     
  15. Sundaytrekker

    Sundaytrekker Star commenter

    I had 25 years for my calculations so if OP has 33 that is good. Anything over £20k is really quite a good pension especially if two of you in the household are taking pensions. My tax is still settling down so I'm waiting for April when I become a basic rate tax payer to see the real position. Having been used to having thousands deducted for taxes and pension contributions each month, it's great to see only small amounts disappearing. If you have no mortgage, loans etc and no children at uni then this income should be fine. I've been thinking this week about the balance of spending more of the kids inheritance in light of inheritance taxes and the new higher probate fees. And just give more away to them now.
     
    emerald52 and Lara mfl 05 like this.
  16. emerald52

    emerald52 Star commenter

    You can give money out of income to family and it doesn't count against the lump sums allowed.
     
    Sundaytrekker likes this.
  17. the hippo

    the hippo Lead commenter Community helper

    Next June, when yours truly will be 59, Mrs. Hippopotamus and I are planning to retire to our villa in the mountains, about 60 km north of Sofia. It will be great for skiing in the winter, as there is usually about a metre of snow. We will not need to bother getting on a plane and flying to somewhere in the Alps. Instead, we will just open the front door!

    The view from our bedroom window is rather nice too and last summer we got some serious external insulation done to the whole building, so it is cool in the summer and warm in the winter. This year we are planning to get a wood-burning central heating system installed and the boiler will also provide lots of hot water for the bathrooms. Wood is cheap in Bulgaria. (If you know the right people, it is usually free!)

    006.jpg
     
    Sundaytrekker and Lara mfl 05 like this.
  18. PeterQuint

    PeterQuint Lead commenter

    Are you in Bulgaria?

    I never knew.
     
  19. the hippo

    the hippo Lead commenter Community helper

    We go there every summer and next June we plan to retire there. As well as the villa in the mountains, we also have an apartment in Veliko Tarnovo. Property in Bulgaria is as cheap as chips, especially in the countryside and there a loads of cheapie flights to the UK, if friends and family want to come and visit you.
     
  20. the hippo

    the hippo Lead commenter Community helper

    This is the view from the window of the dining room in our apartment in Veliko Tarnovo, looking across the river to the castle of Tsaravets.

    P1160139_small.jpg
     
    binaryhex likes this.

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