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pension

Discussion in 'Supply teaching' started by useless, Jun 8, 2011.

  1. Does anyone know if it would be worth taking my pension at 57 years 6 months since I am no longer contributing to the TPS as I only do supply and have not contributed since 2010. I know that the pension is reduced by 5% for each year below 60 but like others on this site I'm not getting much work this year..
     
  2. I am taking my pension in August at the age of 56. It will mean I never have to work full time againn although I will need to continue doing supply or part time for a while. That alone makes it worthwhile. I cannot take all the planning and the nonsense any more. it will be many years before I become worse off for taking it early. Even at a 20% reduction I am receiving 80% of it for 4 extra years. It may ensure I manage to actually survive a few years longer. I cannot take the pressure any more.
     
  3. Dunteachin

    Dunteachin Star commenter

    I did the sums as well, Roseangel, and will be well into my seventies before I start to make any loss, having taken my pension at 55. I'll be grateful to survive that long, given my family history!
    I'm getting regular supply at the same school and some months, with my pension combined, I have earned more than when I was working part-time! No planning, marking, reports, observations etc,etc.
    Of course, everybody's situation is different and it depends on financial circumstances, but I certainly haven't regretted taking my pension early. I was made redundant and needed the income.
     
  4. magic surf bus

    magic surf bus Star commenter

    My dilemma is that I'm coming up for 52 this year, left permanent work for supply 18 months ago, and was originally planning to bail out at 57 when my final salary pension would peak due to the TLR I had when I quit full time. I originally planned to get back into full time employment as soon as I could, but I'm quite enjoying the flexibility and variety of supply and I can't find the motivation to dive back into all the bureaucracy and ******** again.

    Trouble is, what does the next five years hold for pension calculations and supply? I can manage on the supply income equivalent of a 0.6 ft contract for the foreseeable future, and from time to time I still get paid to scale so it adds to my TPS contributions. I don't want to have to work part time after retirement so I don't want to bail out too early.

    The next five years will certainly be interesting times for me.

    Roseangel's point about the gaining a few years of AR pension offsetting the annual AR loss is an interesting perspective that I hadn't considered before. Time for a spreadsheet...
     
  5. magic surf bus

    magic surf bus Star commenter

    I'd second that. Pay particular attention to the final salary figures they are using for the best three of the last ten years, especially if you left full time work before the end of the LEA's accounting year. I recently found they had the wrong amount for my final year of ft teaching, so that would have reduced both my final salary pension and lump sum calculations if it hadn't been corrected.
     
  6. jubilee

    jubilee Star commenter

    If you're going to claim JSA (Contributory) you will have a 26 week eligibility which will take you to the end of the year if you apply in June (adjusted if you get work in that time and abolished if you start your pension.
    If you qualify for JSA based on your 2008-2009 and 2009-2010 NI payments, you might want to delay the pension and continue to get the JSA.
    If you then have a full 12 week break from JSA Contributory (by signing off) and also paid enough NI in 2010-2011, you will have another eligibility for 26 weeks of JSA Contributory in 2012.
    Your current claim, if started later in the year, can continue into 2012 , then when the 26 weeks of payments have been made, sign off, wait 12 weeks and sign back on for your next 26 weeks of JSA .
    If you have a lot of years in the TPS, though, and little teaching work, you might also want to get a calculation from the TPS on getting the pension early in case the JSA payments and random work still don't generate enough money.
     

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