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Leaving teaching, but no pension just yet

Discussion in 'Retirement' started by PeterQuint, Jun 1, 2019.

  1. PeterQuint

    PeterQuint Lead commenter

    Whilst it's not 100% certain, it does now loo like I'll be leaving teaching the of term.

    However, I'm not 55 until next year. I'll almost certainly be taking my pension then.

    Is there anything I need to do this summer? Do I need to get in touch with TPS and formally leave?
  2. diddydave

    diddydave Occasional commenter

    No. We just stopped work and our TPS accounts automatically became 'deferred'. When it came time to claim the pension we did it all through the TPS site and the lump sum arrived on time and the first monthly payment is due later this month.

    One thing to check before you leave, and I'm sure you have already from reading your other posts, is to make sure your service record is correct. Far easier to badger your employer if there is anything amiss whilst you are still working for them.
  3. Prim

    Prim New commenter

    Good luck Peter, keep us up to date with your journey.
    PeterQuint and lindenlea like this.
  4. paulstevenjones

    paulstevenjones New commenter

    How come you’re leaving early? Had enough? Are you going to try another job?
    PeterQuint likes this.
  5. diddydave

    diddydave Occasional commenter

    oh...and buy a calendar!

    I never needed one before as everything revolved around the working week, now we have to check it before committing to anything as it's packed!
    Prim, PeterQuint and FrankWolley like this.
  6. PeterQuint

    PeterQuint Lead commenter

    Thanks everyone.

    I’ll post more details about my ‘journey’ later on.
  7. sci

    sci New commenter

    Good luck. If you can survive without your pension for 1 year-is there anyway you can survive without it until you turn 60? Just thinking about the reduced sum vs benefits now calculations. Good luck in your journey
    PeterQuint likes this.
  8. PeterQuint

    PeterQuint Lead commenter

    I’ve looked at that. The amount I gain in 5 years of pension from ages 55-60 substantially outweighs the relatively small uptick in pension if I don’t claim until I’m 60.
    HS65 and Prim like this.

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