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Is it too late to apply to retire?

Discussion in 'Retirement' started by ulysees, Jun 4, 2020.

  1. ulysees

    ulysees New commenter

    Hello everybody,
    I come seeking advice again!
    A bit of background:
    I had decided to postpone my retirement from this July to December 2020 because I thought the TP would close o wouldn't be able to cope with a reduced staff etc.
    I will be 59 in a week's time and always intended to take AAB and go back for one year (for personal reasons I need to access my lumpsum). However , my headteacher, although amenable to me retiring and being re-employed wants me to make 10th July this year my last day of employment(the school's lawyers have recommended a week's break rather than one day because of something to do with redundancy claims if being re-employed by the same employer)
    My Dilemma:
    Have I got enough time to start the proceedings now? In other words is 5/6 weeks long enough for the TP to process my application?
    Thanks in advance to anyone who has any experience of a 6 week or less turn around!
     
  2. bonxie

    bonxie Lead commenter

    Will you lose out on summer holiday pay if you finish on 10th July?
    If you decide to resign for 10th July, what's to stop them from not reemploying you till the first day of next term?
     
    phlogiston likes this.
  3. adultsocialcare

    adultsocialcare Occasional commenter

    Ditto. Surely, you want to retire at the end of August, or you'll lose out on nearly two extra months of pension and salary - unless I'm wrong? It sounds like the head is encouraging you to go on the 10th July to save £10K in salary, pension contributions and NI. Personally, I'd suggest retiring at the end of August, and then take either 1 day or 1 week before renewing the contract. If they don't agree, then I'd retire anyway at the end of August, or December (whenever you want), and if they want you the extra year, great, if they don't, do some supply etc. Don't throw away two months salary and pension just to save the Head a few quid! I suspect teachers will be much in demand soon. I also suspect that recruitment may be more of a problem this year. You have all the cards.
     
  4. diddydave

    diddydave Established commenter

    Alarm bells are ringing in that they are concerned about redundancy - why are they looking to 'gain' something from the re-employment?

    If you were not to break and start a new contract those rights that they are looking to clearly remove would exist so unless they intend to use them then there is no rationale for insisting on this.

    I know you need the lump sum but could you delay it until the October half-term? This would ensure you get the summer pay and give them less chance to rearrange the staffing structure should that be their goal.
     
    adultsocialcare and Marshall like this.
  5. ulysees

    ulysees New commenter

    Thanks for the replies and concerns too!
    I have an email that states that the head is happy to re-employ me, also another member of staff did this last year so there is precedent.
    My concern was the short amount of time to process this - will TP be able to get it done if I submit the from on Monday?
     
  6. ulysees

    ulysees New commenter

    EDIT :
    I would rather stop sooner re the best 3 years in ten starting to drop off .
     
    PeterQuint likes this.
  7. diddydave

    diddydave Established commenter

    There has been a post on the forum recently from someone who asked TP about a short time scale and I believe they had the reply that so long as the forms were filled in and submitted before the date in question then it would be fine...but it's definitely one I would say you need to get in writing from TP directly before proceeding.
     
  8. diddydave

    diddydave Established commenter

    Opting out for a month would effectively do that, but do check the maths.
     
  9. ulysees

    ulysees New commenter

    Thanks DIddydave
    That’s reassuring to hear and I will call them tomorrow.
    Thanks again.
     
  10. mmjkaejec

    mmjkaejec New commenter

    Consider phased retirement you can take 75% of your pension and lump sum if that`s what you need.I did it reduced my hours and extended my working life. Also you only need to take one day break to be re employed which I also did later on .But don`t forget if you are re-employed its on the career average scheme. Don`t let them rob you of two months holiday pay and pension contribution
     
  11. PeterQuint

    PeterQuint Lead commenter

    In the OP’s position I’d opt out of my pension and just continue working.

    The school should be happy, as they’re not having to pay their contribution.

    Your take home pay will rise, as you’re not paying in, but your pension won’t fall as the ‘3 best years’ drop off.

    The extra cash, you can set aside to do what you like with - you imply you have plans for your lump sum, so add it to that, or if the lump sum is all used up, use it for a dream holiday, or similar.
     
  12. pauljoecoe

    pauljoecoe New commenter

    I recently asked the TPS about how long the process takes and they said 3 to 4 months. They said mine might be a bit quicker as I am a deferred member. They suggested applying now would be ok for September.
     
    Lucy2711 likes this.
  13. ulysees

    ulysees New commenter

    Thanks all,
    I’ve sent it in -spoke to TP yesterday morning and they said it would be done in time and got email today to say all received( school had also sent in their bit) and that it was being processed ready to be paid on 11th July in first instance.
    Thank you again for all the advice .
    Stay safe and well all!
     
    PeterQuint, zagubov, bonxie and 3 others like this.
  14. teejay24660

    teejay24660 New commenter

    I have also just sent mine in. I am who DiddyDave refers to about the date for TPS. They say that 4 months is the maximum lead time to submit to guarantee payment of pension the day after you leave service. I am not bothered that my pension may not be in my bank on the right day in the first instance. I finish on June 22 and return on my new contract on June 24. So cutting in fine, but as long as it is in the system and acknowledged they say it is fine.
    Thank you again to all for the helpful advice that really made a difference to something that I had mused upon for a little while and then left until the last minute to actually ask for help and advice. The response times on here are first rate as is the wealth of knowledge and experience!
     
    PeterQuint and zagubov like this.
  15. zagubov

    zagubov New commenter

    I'm glad that the posters on here managed to meet their deadlines. I'd like to give the heads-up that the TPS may seem to go into radio silence from now until they manage to pay you. You'll be getting a salary when re-employed, getting a new pension, and your money will land in your bank account with no warning or fanfare. I don't know how long it'll take but you need to put the whole thing out of your mind and just keep working and try to think of it as everyhthing's back to normal (whatever that is in these strange times)

    Except on the day you're retired if it's a weekday. You're definitely not meant to be in work that day. Stay safe.
     
    teejay24660 likes this.

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