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Discussion in 'Welcome lounge and forum help' started by petitebabe, Jun 11, 2020.
Please any advice to cash my Teachers Pension in early. Born Sept 20 1968. Regards Karen
I think you need to give us a bit more of an idea of circumstances and what you want to achieve.
How long have you been in TPS?
Are you still teaching? When are you planning to stop?
How you will fare in old age depends on lots of factors, not least whether you are single, own your home and have debts to pay off from your pension as well as being able to afford to pay your bills. I can perfectly understand why some people would consider cashing in a pension early, but the honest truth is, you still need to live after you've retired and the state pension alone is just about enough to survive on, but not enough to have any quality of life.
If you have a spouse to share the cost of living with and will benefit from his/her pension if you survive him/her, it might sway the balance slightly, but in the main, it isn't sensible to cash in a good pension early if there are alternatives, which usually there are.
Unless you are going with an ill-health retirement then wait at least 3 years.
There is no cash alternative to the TP scheme.
You can transfer it but most transfers degrade the benefits and you can only do so to an approved scheme.
I'm a similar age and left teaching 4 years before I could claim my teacher pension, I made some notes that you may find useful: https://edividers.co.uk/contemplating-retirement-my-path-and-other-notes
Also have a look through the retirement forum as you'll find many more experienced voices there.