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deferred member pension concerns

Discussion in 'Pay and conditions' started by pekere, Jun 25, 2011.

  1. I am a deferred member of the Teachers' Pension Scheme and am trying to work out if I would do better to claim my pension early, (I will be 60 in Oct. 2012), or wait and let it happen at 60. my state pension age is 62 years 7 months. I have 18 years 257 days of pensionable service with a PI factor of 1.2302. My average salary was £23,610. This was accrued as full time salary & latterly part-time salary. I am now working half-time in a University, but will need every penny I can scrape together in retirement. Can anyone advise me how the cuts would affect me if introduced and whether I should take my pension now or wait ?
     
  2. The Hutton report proposed that pension changes would ring-fence all benifts accumulated in the past. If this is the case there would be no need to take the pension early if you did not want to.

     
  3. Many thanks for that reassuring info.
     
  4. coppull

    coppull New commenter

    The % loss on your pension and lump will be quite small by your age ,but it is till worth hanging on till you are 60 if you do not need to take a reduced pension. You can take the pension at any time up to 60. All the information and forms you need are on the TPA web site.. You may also wish to go on the Direct Gov site to check at what age you can access your old age pension.Every little bit helps.[​IMG] including the winter fuel allowance.
     
  5. jubilee

    jubilee Lead commenter

    Contact an organisation like Teachers Assurance for free advice on pension planning and whether it might be in your interests to trigger the pension even a month or so before your 60th birthday (useful for some who may wish to take teaching work in 'retirement' and not have the pensionpayments ceased if they earn too much. An actuarily reduced pension ... even if just by a month or so ... means retaining all you pension payments no matter how much you later earn).
     

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