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Gone...but not gone

Discussion in 'Retirement' started by PeterQuint, Jul 20, 2019.

  1. PeterQuint

    PeterQuint Lead commenter

    So, yesterday was my last day of work at my old school, having been made redundant. I'm 54, and will be claiming my pension next spring when I hit 55.

    I start a new job in September, in a school, but not teaching.

    A strange sort of limbo for the next 5 years, or so.
    60sunnysmile likes this.
  2. HelenREMfan

    HelenREMfan Star commenter

    Hope that all goes well... it sounds like the right decision. Hopefully you got a reasonable deal for redundancy. I did ok when I accepted it at 58 - so in respect of making up my pension I was relatively cheap.After a few months "off" I applied and got accepted onto the LA home tutor team - a zero hour contract - and haven't stopped.... tho I was tempted this summer term end....
    PeterQuint likes this.
  3. FrankWolley

    FrankWolley Star commenter

    Hope the new job goes well - who knows you may find it a real tonic after the grind of teaching!
    PeterQuint likes this.
  4. catmother

    catmother Star commenter

    Redundancy money and a job to go to? I'm still not sure why you would want to take your teaching pension at 55 and not leave it to 60. However,you seem to have thought about it and made that decision,so, good luck.
    PeterQuint likes this.
  5. Sundaytrekker

    Sundaytrekker Star commenter

    Good luck with your new work situation, Peter. Hopefully it will be a lot less stress. You’ve built up a good understanding of your pension situation. Take it early and enjoy money going in the bank - you’ve earned it.
  6. Prim

    Prim Occasional commenter

    Best of luck Peter, having less pressure on a daily basis is a tonic. Hope it all goes well and remember to enjoy your pension and the time it can buy you.
    PeterQuint likes this.
  7. PeterQuint

    PeterQuint Lead commenter

    Thanks everyone.

    New salary is less than half the old one, so the pension is absolutely necessary.

    As most of it is Final Salary (and may all be soon) I’m still getting 80% if it. I’m also going into a new scheme in my new job, which should pretty much wipe out the loss.
  8. Dunteachin

    Dunteachin Star commenter

    Good luck, Peter!

    That happened to me, too. Redundant at 55 ( cash-strapped small Indy, knew it was coming), and taking my pension was also necessary. Statutory redundancy pay ain't that much!

    I topped that up with supply for the next 5 years - most lucrative!

    Yes, you get just over 80% pension at ARB, but you're getting it five years earlier, index linked. No brainer.
  9. Dunteachin

    Dunteachin Star commenter

    PS. I'm hearing too many stories of people in their mid 60s either seriously ill or dying. We've had our own story here chez Dunty, just recently...:(

    Grab it while you can and enjoy life.
    yoda92, elainerosebud, bevdex and 3 others like this.
  10. meister

    meister New commenter

    So is AAB 80% of pension at age 55?
    I always understood that it was 5% per year that you go early- ie. 75% of pension at age 55%
  11. lindenlea

    lindenlea Star commenter

    It may feel like that now, but once you start your new job you'll settle into your new life and I hope will find it quite satisfying.
    PeterQuint likes this.
  12. Dunteachin

    Dunteachin Star commenter

    It was 9 years ago, so I can't remember the exact percentage, but go on the TPS website and do the ready reckoner.
    I crunched the numbers, and they were acceptable to me. But I had no choice.
  13. Sundaytrekker

    Sundaytrekker Star commenter

    Dorsetdreams and Gainingcontrol like this.
  14. PeterQuint

    PeterQuint Lead commenter

    I have an older version of that document with very slightly less favourable figures of x0.796 at 55 for final salary, and x0.546 at 12 years early for average salary (67 - 12 = 55). That does look more up to date, as it’s from last month.

    Many thanks.
    Dorsetdreams and Sundaytrekker like this.
  15. PeterQuint

    PeterQuint Lead commenter

    Thank you, and yes I hope you’re right.

    I’ve been in my new school a couple of times, and have a good feeling about it.

    The ‘limbo’ is more about me not teaching but not retiring. I’m genuinely interested to see just how it feels.
  16. PeterQuint

    PeterQuint Lead commenter

    Just had a look at the tables I was using, and it was from February 2015.

    This will make things a little better.

    Of course, the downside is that, implicitly, GAD thinks we're all going to day a little earlier.
  17. PeterQuint

    PeterQuint Lead commenter

    Okay, just got off the 'phone to TPS, and they've confirmed a lot of what has been said.

    1 - I don't need to do anything about being a deferred member. As soon as they stop receiving payments into my pension, I automatically become deferred, and I don't have to register as such.

    2 - My 'best 3 years from the last 10' will effectively be frozen, other than inflationary updates. I won't see the monthly drops to my final salary pension that we've all witnessed over the last few years.

    Now this is interesting:

    3 - I have a plan that I will need £12,000 a year in pension, and the pension I'm due to get will be just under £13,000. I was worried about how I'd be able to accurately stipulate this in my pension application form. They said to ring them 4 or 5 months before I want to retire. As long as my service history is correct and fully up to date (it is currently perfect, with just 1 month's service to add at the end of this month), they will be able to give me a VERY accurate estimate as to my final pension, and tell me exactly what I need to put on the form to claim the correct amount of additional lump sum.

    4 - They are aware of the uncertainty regarding the McCloud Judgement. They are hoping to have some news very soon as to what changes will be made.
    paulstevenjones likes this.
  18. PeterQuint

    PeterQuint Lead commenter

    My apologies, I've put the above post in the wrong thread.

    I've now copied it over to the right place.

    Mods, please feel free to delete.

    Apologies again.
  19. Shedman

    Shedman Star commenter

    Don't think like that! You have a new job. OK, it's not teaching and may not carry the same status but you have an essential role in the school (let's face it, essential roles are the only ones left in schools after all the budget slashing). You may consider yourself to be in limbo but people will rely on you to the do your job well and efficiently to ensure the smooth running of the school. Teaching staff have enough to do (as you know) without having to chase up office/lab staff.

    Look on your new job as a new challenge. With your classroom and school experience you will be an asset in whatever your new job is. There is dignity and value to you and others in doing the job to the best of your ability. Showing a bit of spark and initiative may get you noticed and there may even be a route back into teaching for you if that's the way you want to go.

    Good luck in your new job. Go in with a positive attitude and remember there is purpose and reward in productive work done well.
    PeterQuint and Sundaytrekker like this.
  20. PeterQuint

    PeterQuint Lead commenter

    Many thanks.

    Of course, you're absolutely right. I'm actually really looking forward to the new challenge. And yes, I half half an eye on a route back into teaching, even if only in a limited capacity.

    But by 'limbo', I suppose I mean not retired, but drawing my pension (soon), not teaching, but in a school.

    It's just a funny old world.
    Shedman likes this.

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