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Early retirement plus voluntary redundancy

Discussion in 'Retirement' started by arabelladonna, Jun 21, 2011.

  1. <table cellpadding="0" cellspacing="0"><tr><td>Does anyone know of someone, or have experience of accepting voluntary redundancy combined with early retirement? I did this and now can't find out if accepting a job on half the pay I was on before, with the same borough, will affect my enhanced payments. I believe my TPS pension will be unaffected but not sure whether working 2 days per week 4 years later will mean losing the extra benefit which is added to my teacher's pension. What happens if they reduce the enhanced payments and then I stop work again? Will I lose the extra money for ever? Any ideas?
    </td></tr></table>
     
  2. <table cellpadding="0" cellspacing="0"><tr><td>Does anyone know of someone, or have experience of accepting voluntary redundancy combined with early retirement? I did this and now can't find out if accepting a job on half the pay I was on before, with the same borough, will affect my enhanced payments. I believe my TPS pension will be unaffected but not sure whether working 2 days per week 4 years later will mean losing the extra benefit which is added to my teacher's pension. What happens if they reduce the enhanced payments and then I stop work again? Will I lose the extra money for ever? Any ideas?
    </td></tr></table>
     
  3. lindenlea

    lindenlea Star commenter

    You'd better ask your authority. My guess is you'd be ok but I don't know.
     
  4. hi all, there is talk at our school with redundancies etc. has anyone had any good packages offered to them? if not what is the basic redundancy offer - is it a week for every year worked. thanks!
    a friend of a friend has been offered an enhanced pension from her age of 55 up to now 60 and redundancy.
     
  5. I have been made redundant 3 times and never received a penny.They have offered redeployment and if I didn't want to accept it, tough. Luckily I've always moved on to something better but financially nothing.
     
  6. hi and thanks for the info but I thought there was statutary redundancy?
     
  7. But if you are employed by the local authority they can redeploy you to any school in the authority and therefore you are not redundant from the authority only from the school you've been in. This was true even when I was working at a Catholic school and I thought they would count as the employers but it wasn't so.
     
  8. You need to contact Teachers Pensions, who will advise you as to how much you can earn without affecting your pension payments. Usually the amount you can earn must not be more than the combined total of your pension & your new earnings - gross figure.
    You also need to go to the Teachers Pensions website, log in & go to Members Documents and fill out a form called a "Certificate of Re -Employment".
    It is best to also opt out of the Teacher's Pensions scheme, but that is a decision you need to make, either way, prior to starting work again.
    Your earnings limit runs from Easter to Easter - keep a note of how much you earn. Also notify the tax office, they'll know anyway, but there may be new legislation that you are unaware of.
    Your local LEA usually, but not always, runs the civil service & local government pensions & usually admit to knowing very little about Teacher's Pensions, but you may want to consider notifying them as well.
    Keep copies of all correspondence & dates/times of phone calls & to whom you spoke.


     
  9. I'm amazed that teachers are still being given enhanced pensions. After 34 years teaching I'm being given redundancy pay - a week for so many years (before the age of 40 I think) and week and a half pay for a few years after the age of 41 up to a maximum of 20 years in total. I may get 12 weeks pay in addition in lieu of notice. My union has told me there is no hope of enhanced pension - I take it actuarially reduced or struggle on until it's paid when I'm 60.
     
  10. Odd that the others are getting it and you are not!
    Your union is obviously giving you sound advice.......?
     

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