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Feeling a bit lost!

Discussion in 'Retirement' started by Happyu, Nov 5, 2019.

  1. Jamvic

    Jamvic Star commenter

    True, didn’t think of that situation.
     
    Gainingcontrol likes this.
  2. HannahD16

    HannahD16 New commenter

    Can I ask a question for a colleague please? He will be 60 this year and has all his pension in the old scheme. Is there any pension advantage to him working on after 60? If he wanted to, would he stop adding to his old pension and be moved into CARE scheme? Does he need a new contract etc? Sorry I cannot get my head round his situation
     
  3. Happyu

    Happyu New commenter

     
  4. Happyu

    Happyu New commenter

    Researched all my options re Phased Retirement and going part time. However, was only offered odd days or not great teaching opportunities. Decided after phoning Teachers Pension to retire and look for work elsewhere. My school then offered me a part time post more suitable to the days and position I wanted with a permanent contract. I thought Great! But in all honesty it would have been better to leave as I now feel like a supply rather than part of the school. I did need to have one or two days off for my health and am able to just manage on pension and wages. Paying into the new Pension scheme. Knew I would get less monies but not used to feeling like a supply at school and not adjusting well to being at home. Hence feeling a bit lost! Wondering how I will feel when I do retire full time!!!!
     
  5. Brianthedog

    Brianthedog Occasional commenter

    I moved to a new school 18 months ago, having taught in my previous one for 28 years. I'd got a plan for a phased transition into full retirement at the end of this term, which involved going down to 4 days in September 2018, then taking my pension slightly early this Easter (3/10 years meant it was financially better to do so) and returning after a day's break in service on 3 days a week.
    Today was my actual 60th birthday. I got a card off one colleague, three others wished me happy birthday after lunch when they saw the cakes I'd left in the staff room. I have to be honest, I felt very deflated and a tiny bit tearful! One child saw the card on my desk at dinner time and before long loads of children had made me cards (it was wet lunch).
    I came home feeling very under appreciated, spent the afternoon dealing with the most challenging child in school who just wanted to kick me as hard as he could. I was feeling guilty about retiring fully at Christmas as I know they have not been able to replace me (I'm the Senco), but after today, I just feel like telling them to ****** off and going on sick leave for the rest of the term!! Instead, I'm off to Barcelona in the morning for a fab weekend with my lovely husband.
     
    elainerosebud likes this.
  6. Happyu

    Happyu New commenter

    Happy Birthday!!!!!Enjoy Barcelona!!! You deserve a break!!!
     
  7. lindenlea

    lindenlea Star commenter

    Well Happy Birthday from me!
     
  8. BertieBassett2

    BertieBassett2 Star commenter

  9. speaker2

    speaker2 Occasional commenter

    Happyu - perhaps you will find it better to get a job in a different school , away from all your former career memories etc. It is hard to be in such a different role so soon after stepping away from your full time, longtime position in the same school. I hope you find a happier way to get on with your new phase of your life- maybe after a few more weeks it will become more normal for you.

    Gaining control- harsh comments IMO. Why can't people on forums like this understand that we do not all have neatly organised and planned lives, where we can calculate pensions and work the years smoothly to a set date, or conveniently find different jobs with certain hours etc. Often I see advice on here that seems to say to people that of course they should not retire because their pension is too small. Well, if you have gaps in your teacher pension for any reasons, or did not become a teacher at a very young age, then there will always be a small teacher pension for that person and people sometimes just need a way out before they get ill from working into an age that is just too much for them in the teaching profession. Women in particular may have huge gaps in service due to childcare, carers may have had to take time out - there are so many individuals who have been teachers for quite a long time, but not the 30 plus years that start to make the teacher pension more realistic.
     
    Beauherne1990 and Gainingcontrol like this.
  10. diddydave

    diddydave Lead commenter

    You're probably better off starting a new thread rather than sticking it in the middle of one...

    The answer is a very big, it depends...so he'd be well advised to get an expert to go through various scenarios with him. There are too many variables for a one sure-fire answer to work for everyone.

    Items to consider:
    1) He can work past 60 and build up more pension. The maximum on the old scheme is 45 years.
    2) What 'final salary' will be used to work out his pension...for most of us it's the best 3 from the last 10 and again for most of us it is the oldest 3 year of these that is used. He'll need to check what happens to this if he works for another year, another 2, another 3 etc...
    3) Whilst he will increase the service the salary used is likely to be going down. (Number of years service multiplied by his final salary and divided by 80) so getting a personalised set of numbers is crucial.
    4) Although you get a reduced (AAB) pension if you go early you do not get an enhanced one if you take it late.
    5) If he takes his pension early (even by a small amount) he can return to work and not have to worry about the pension being stopped - which it can be if he waits until 60 to take it. To do this he'll need a cooperative employer as he'll need to stop working for a day and then be re-employed. If he does this he may be able to pay into the new career average pension, or it may be the Additional Service After Retirement (ASAR) scheme...and because he will have his pension and a salary he may want to look at buying extra pension in that scheme as he may be in the higher tax bracket.
     
  11. Happyu

    Happyu New commenter

     
  12. Happyu

    Happyu New commenter

    Thank you Speaker 2. You have really understood how I feel at the moment. It is about a change in role and respect. I will give it a bit longer and then I might take the plunge and go to a different school. I have only been in teaching for 18 years and I still love the buzz from the kids. My pension is not huge for this reason hence having to continue working till state pension and possibly beyond! I think the shock of the change brought me down but now after lots of thoughtful words from this forum I feel a sense of hope and more uplifted. Thank you
     
    Beauherne1990 and Gainingcontrol like this.
  13. HannahD16

    HannahD16 New commenter

    Thank you Diddydave no4 is where most of his misunderstanding lies. He thinks he may be entitled to some bonus for not taking his TP pension at 60. He is dithering about whether to go or not as he is of the view there’s plenty of (teaching) life in the old dog yet! He knows he needs to create a TP account to check his pension to date but has delayed doing that. I think he thinks that if he does, he will somehow have committed himself to going at 60.
     
  14. diddydave

    diddydave Lead commenter

    Ask him what he would think of a student who left their revision for a major examination to the hours before the exam started - and whether they would get a good grade! This is a MAJOR life moment and he may be preparing to fail at it!
     
  15. seasoned

    seasoned Occasional commenter

    Retirement means different things to different people. I took early retirement two years ago aged 57 but retirement from teaching meant exactly that -I've absolutely no intention or desire to return to the classroom..!! I enjoyed my teaching career but it is now over & in the past. Obviously my income is considerably less but I find that the teachers' pension is more than adequate & I'm enjoying good health at the moment but being of a 'certain age' none of us know what's around the corner.Life is very fragile and at my age I'd rather have less income and more time for 'me'. Personally, at this time in my life my mental well being is more important than trying to maximise my income. Enjoy every day.....and remember there are no pockets in shrouds.
     
    eljefeb90, Shedman, heldon and 4 others like this.
  16. Weald56

    Weald56 Established commenter


    Agree 100%.
     
  17. diddydave

    diddydave Lead commenter

    Sorry @HannahD16 must be my frustration getting the better of me with that sharp reply, totally up to him how he plans for his future. And I may be mistaken on the actuarial increase after 60...though the example I'll refer to later does seem to show it makes the pension less which I can't get my head around!

    A few of references that may help:

    1) Taking his pension a month 'early' will see him get 99.8% of his pension BUT crucially he can return to work as a teacher, earn an unlimited amount and build up more pension. https://www.teacherspensions.co.uk/...ement/early-retirement-factors-july-2019.ashx

    (note that because he gets 1 more month of pension- even at 99.8% he isn't financially worse off until he gets to 102 years old - WOW...I'll start a new thread on that one!)

    2) There is actuarial changes for teachers with an NPA of 60 - see page 3 of this document: https://www.teacherspensions.co.uk/-/media/documents/member/documents/factors/retirement/late-retirement-factors-july-2019.ashx which says "An uplift is applied to 2007 or later entrants’ (NPA 65 members) pensions when retiring from active service after age 65 in accordance with Regulation 61. A similar uplift applies to the NPA 65 pension of persons with mixed service. No uplift is applied to any Additional Pension, pre-2007 entrants’ benefits, NPA 60 pension of persons with mixed service or for any retirements from deferred status (although a late retirement uplift is applied to any annual allowance pension debits of an NPA 60 member)."

    However the example given on page 7 does seem to show that the pension goes DOWN....!
     
  18. heldon

    heldon Occasional commenter

     
  19. heldon

    heldon Occasional commenter

    Well said, I stopped in summer 2018 and haven't felt so good since I was a kid in the summer of 74. Make the most of your health while you have it. Work out what works for you and just do it!
     
    eljefeb90 and seasoned like this.
  20. HannahD16

    HannahD16 New commenter

    True! He’s a relaxed character and easy going but I think he realises he needs to get himself sorted. I’ve advised him to join up to this forum as there is much wisdom here and TP registration asap.
     

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