I am thinking about taking phased retirement at the end of this term. I am 61. (Yes, I know, why am I still teaching, but I'm not ready to throw in the towel completely yet.). I am thinking of taking 75% of my pension and then continuing working for 2 days per week. My LA have indicated that this should be possible. My issue that I would be very grateful for information or opinion on is this: Say I retired completely (not phased) at the end of August 2012 I would get £x pounds and after two years, for example, it would be £x plus two years' CPI inflation (ie at August 2014). If, however, I took my preferred option of 75% phased retirement at the end of August 2012 and then after two years took the rest, ie I retired completely, would my then pension (at August 2014) be equal, or very near equal, to the pension I would have if I had taken the retiring completely option in August 2012 (£x plus two years' CPI inflation). In other words, is there any long term financial disadvantage (or even advantage) in taking phased retirement for post 60-year olds. I realise that this is a very technical financial question, involving such things as estimated future CPI inflation rates, but I imagine that there that would be others out there interested interested in the answer. Finally, I would also be very interested in any other general opinions about phased retirement.