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Part time working after claiming pension

Discussion in 'Retirement' started by ljr, Nov 28, 2011.

  1. ljr

    ljr New commenter

    If I claim my pension next summer (one year early) but continue to work 2 days a week what happens to the pension deduction from my part time work? Do I stop paying any further contributions or will the pension increase when I finally stop teaching altogether?
  2. Yes, you stop paying into your pension as far as I know. Once you claim your pension it is fixed for life (Cost of living obviously).
    If you take a reduced pension (ARB) you can work as much as you like after that but if you take your full pension you are restricted as to how much you can work.
  3. I think you would have to opt out of the pension scheme by filling in a form in order to stop paying contributions. You have to pay in to the scheme for a year to be able to draw any pension from it so whether it would be worth contibuting would depend on how long you are intending to carry on teaching
  4. ljr

    ljr New commenter

    Many thanks - I went onto the TP website, but it wasn't very clear.
  5. The additional teaching will count towards a second TPS pension, independent of your main pension. Membership is automatic so you would get an extra pension when you finish the additional teaching , unless you were daft enough to opt out.
    If the additional, work was less than 1 year you would get an annuity from TPS rather than a normal pension.
    Details can be found at
  6. It is always worth paying in.!
  7. You also need to make sure you have the necessary gap in employment. Can't start to work the following day after retirement date. Eventually TPS would spot the continuous payments and declare you didn't retire. They would try to claim back payments made. Could be 6 years down the line. a lot of money to pay back. This actually happened to a colleague. Retiremnet 31st august. New contract was dated 1st September, even though for only 1 days teaching a weeek. Deemed not to have retired! Thousands claimed back. So, make sure your part time contract does not begin immediately following the retirement date. I am not sure of the actual gap needed, but believe it to be just as little as a one day gap. Your HR officer can advise.
  8. So it is not true, what I had been told, that less than a year's service and you get your payments back, but not the employers contributions? The annuity sounds much better than returning contributions.
  9. If you retire fully then you have a break in service which may only be one day but can have repercussions. Because it's a break in service then you start on a new contract which can affect redundancy payments and the possibility of being given a temporary contract which could have an effect if the school became an academy or amalgamated. Possibly safer to take phased retirement and keep paying into your pension. You'll probably find that the total of your wage and the proportion of your pension that you take will be little different to your present wage (3 days work+ 75% pension) and a lot less stressful. Good luck!

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