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Part time and pension

Discussion in 'Part-time and job share' started by Steph2002, Oct 14, 2017.

  1. Steph2002

    Steph2002 New commenter

    Hi. , I only have smallish pension only been teaching 15 years. I want to go part time.
    I am in final salary scheme.
    If I go 0.8 or lower for next years..I need to keep on working.. (I am now 60) , is my final salary going to be my full time pay this year?
  2. Sundaytrekker

    Sundaytrekker Star commenter

    No, the final salary will be the full time equivalent of your last year’s salary (or the best averaged three out of the last ten). However, you will only gain 0.8 x the number of years service from this point.
    Steph2002 likes this.
  3. jubilee

    jubilee Star commenter

    I worked mainly on supply and some of it was LA paid, with TPS. I also gtransferred my LA pension (from Social Services employment) into the TPS.
    When I retired I was on M6. I had a statement of years and months in the TPS made up of combining all the bits and pieces of employment. Every 195 days of LA paid supply work gave me one TPS year.
    They then did a calculation based the full M6 salary to give my lump sum and annual pension.
  4. Steph2002

    Steph2002 New commenter

    Thanks for that!
  5. Steph2002

    Steph2002 New commenter

    So if I go to 0.8 fir next few years..they won,t count my last actual full time salary in last ten years, but the full time equiv..even if I am only working and getting a part time salary ?? That's better than expected!
  6. frustum

    frustum Star commenter

    It's only fair. Imagine if you worked half-time all your career. If you only accumulated half the years of service and they based it on your half-time salary, you'd get a quarter the pension of a full-timer.
    emerald52 and Steph2002 like this.
  7. jubilee

    jubilee Star commenter

    They add together all your full years and part years in the pension to arrive at your total actual service. They then use your full time equivalent salary to work out your pension.
    I knew someone whose best (management in an FE college)salary grade was about 6 years and more before retiring. She was p/t in her last work years and working in a different setting that allowed TPS pension payments. Her total pesion years were based on the full time salary grade for the managerial job (the actual amount it was worth when she retired, not what she got 6+ years previously). She made sure to retire when she still had 3 of those high grade years in the 10 years before retiring
    emerald52, wanet and Steph2002 like this.
  8. Steph2002

    Steph2002 New commenter

    Does final salary include TLR payments ? I will have to give up TLR even if drop to 0.8
  9. wanet

    wanet Star commenter

  10. emerald52

    emerald52 Star commenter

    But it goes back 10 years so the TLR counts until it falls out of the 10 years.

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