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leave at 59 instead of 60

Discussion in 'Retirement' started by jerreemaker, Jul 15, 2019.

  1. jerreemaker

    jerreemaker New commenter

    Hi everyone.
    I've done ten years in teachers pension and would like to know that if I am considering working after 60 is it better for me to retire at 59 or 60?
     
  2. Marshall

    Marshall Star commenter

    Look at your teacher pension account online and then ring them - they are so helpful!
     
    border_walker likes this.
  3. ikon66

    ikon66 Occasional commenter

    The benefit of arb at 59 is there’s no cap on your earnings if you carry on teaching
     
    bevdex, emerald52 and Marshall like this.
  4. diddydave

    diddydave Occasional commenter

    Check the TPS for all the information rather than rely on chit-chat but from my understanding you have the following to consider.
    If you take the benefits at 60 then there are limits on what you can earn from teaching (other work has no restriction) - the limit is your retirement 'salary' minus your pension. Your retirement salary is called your 'salary of reference' and is probably on your benefit statement.
    If you take the benefits before 60 there are no limits.
    To take benefits before 60 you have to cease employment (it can be just for 1 day) - so you will need the cooperation of your employer.
     
  5. emerald52

    emerald52 Star commenter

    I did it two days before my 60th birthday. Just make sure you are before the big 60 to qualify for ARB.
     
  6. jerreemaker

    jerreemaker New commenter

    Many thanks for information.
     
    emerald52 likes this.

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