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pension expert advice needed

Discussion in 'Retirement' started by redx11, May 3, 2011.

  1. redx11

    redx11 New commenter

    Hi

    I have searched the internet for advice and not found what I was looking for so I hope some of you clever bods out there can help.

    I am on the leadership scale and I am a female aged 60. I am trying to find out if I will lose out pension wise if I drop down to 3 days and take a drop on the leadership scale. I am fit and still enjoy working but I don't want to lose out. I only intend to extend my employment by one year.

    Thanks
    Red
     
  2. redx11

    redx11 New commenter

    Hi

    I have searched the internet for advice and not found what I was looking for so I hope some of you clever bods out there can help.

    I am on the leadership scale and I am a female aged 60. I am trying to find out if I will lose out pension wise if I drop down to 3 days and take a drop on the leadership scale. I am fit and still enjoy working but I don't want to lose out. I only intend to extend my employment by one year.

    Thanks
    Red
     
  3. Talk to your union-
     
  4. voodoo child

    voodoo child New commenter

    If you are now 60 you in a bit of a pickle as if you take the pension and work they will take away from your pension any money that is more than you would have earnt when you were full time. So if pension is £20k and you used to earn £50k then if you earn more than£30k it will be deducted from your pension. The way to avoid that is to take ARB before 60 which is not open to you now. There are schemes as well when you can take part of your pension now. and work less so that may be better for you. Write to teachers pensions in Darlington - takes a few weeks to get an answer but you will get a detailed accurate one.
     
  5. lindenlea

    lindenlea Star commenter

    I always have found Teachers' Pensions very helpful over the phone too.
     
  6. redx11

    redx11 New commenter

    thanks everyone
    spoke to teachers pensions and union both very helpful
    pension + part time work seems best option
    Red
     
  7. the hippo

    the hippo Established commenter Community helper

    No, it isn't. Retiring in Bulgaria is a much better idea. Rural property is so cheap that they are practically giving it away. In the UK you will still have the joys of Council Tax, even after retirement, but Bulgarian property taxes are much, much lower. We pay about ten quid a year for our five bedroomed house.
     
  8. I did this last year, though not from the leadership scale. I took phased retirement, 70% of my pension and worked 3.5 days a week. The increase in pension from cost of living is higher then the increase in wages so that is a plus. The long weekends are tremendous - so much so I'm fully retiring this year. Your pension is worked out (complicatedly) to give you the best deal so you don't need to worry. I would say any teacher reaching 60 (NRA) should give serious thought to phased retirement. Good luck!
     

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