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Not long now!

Discussion in 'Workplace dilemmas' started by mill12, Aug 16, 2016.

  1. mill12

    mill12 New commenter

    I've taken the decision to retire next July. I was going to wait until the following year when I'm 60 but I'm done in!
    Just out of curiosity, when I finish in July, will I get paid through the Summer up to 31st August or not? Hearing mixed reports about this one!
    Thank you
    Jesmond12 and pepper5 like this.
  2. bombaysapphire

    bombaysapphire Star commenter

    Congratulations. I am pretty sure that you are paid through your last summer. A teacher's contract is from 1 September to 31 August. You receive a payment at the end of each month for your year's work. I am sure more experienced posters than me will confirm that.
    mill12 likes this.
  3. FrankWolley

    FrankWolley Star commenter

    Just make sure you tell your HT that you are resigning from 31 August 2017, and also tell TPS that is your leaving date. You should be paid up to 31 August.

    If my experience is any guide, you will get your lump sum the next day after you leave, and your pension paid the day before your birthday each month.
  4. phlogiston

    phlogiston Star commenter

    You can choose when to start taking your pension.
    If you start it in the October, you will have your August paycheque to live on in September. The actuaries will reduce your pension by slightly less and you will get a slightly bigger lump sum. It depends whether you want the money asap or feel you will live long enough to benefit from the 0.4% increase in pension.
    (They knock off 5% for every year before you're 60)
    mill12 likes this.
  5. mill12

    mill12 New commenter

    Thank you all for the valuable advice. I knew you would all be very helpful.
  6. pcsmush

    pcsmush Occasional commenter

    When I left a job I made it explicit in the letter I gave to the Headteacher that I was officially leaving on the 31st of August. :)

    I advise that you do the same. :D

    Have a great last year! :)
    Lara mfl 05, mill12 and FrankWolley like this.
  7. mrkeys

    mrkeys Occasional commenter

    Agree with all the advice.
    Ensure you state 31 August as your resignation date.
    You decide when to draw your pension and inform TPS.
    I received lump sum on 1 September and pension started day before my birthday.
    Enjoy. Life is too short.
    Lara mfl 05 and mill12 like this.
  8. mill12

    mill12 New commenter

    Yes my sentiments exactly! Thanks for the advice.
    Lara mfl 05 likes this.
  9. wanet

    wanet Star commenter

    Yes, on resignation letter state your resignation date, end of august and your last teaching day.
    Lara mfl 05 likes this.
  10. mill12

    mill12 New commenter

    Thanks Wanet
    I've just been talking to the Pru regarding AVCs. What a minefield that one is!!
  11. Piranha

    Piranha Star commenter

    I think that we are assuming Burgundy Book here, definitely true if you are in an LA school, but possibly not if you are in an academy or private school. If not, then check your contract - a lot of schools have similar conditions. It is possible that your notice period may be longer than the Burgundy Book end of May to leave at the end of August, so it is worth checking that too. However, if your relationship with the school is good, you may prefer to give more notice to help replace you - I gave mine in in March to do the same as you are doing.
  12. Alldone

    Alldone Senior commenter

    When I retired at my Private school last year I said I was leaving at the end of the Summer term. The HT replied that I would be paid up to the 31st August. I would still do what other posters suggest and make it clear that 31st August is your retirement date. It was so good on 1st September to get a phone call from my bank saying a large sum of money had gone in to my account - it was my lump sum!

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