1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Hi Guest, welcome to the TES Community!

    Connect with like-minded education professionals and have your say on the issues that matter to you.

    Don't forget to look at the how to guide.

    Dismiss Notice

Phased Retirement?

Discussion in 'Retirement' started by montyjacs, Jan 9, 2012.

  1. montyjacs

    montyjacs New commenter

    I've read about it but I just don't get it! Could anybody explain (in very simple terms!) what it is and why it benefits some people please?
    Thank you.
     
  2. montyjacs

    montyjacs New commenter

    I've read about it but I just don't get it! Could anybody explain (in very simple terms!) what it is and why it benefits some people please?
    Thank you.
     
  3. Lets say you are a 57 year old HOD. You dont want to carry on as HOD for another 3 years, but you would like the idea of working say 2 days a week just teaching on a lower salary scale.
    Phased Retirement would allow you to continue p/t and take a % of your pension and lump sum now with ARB reductions applied. At 60 you could retire and take the remaining pension and lump sum along with the extra 3 years p/t work all based on the higher salary, increased with inflation, that you was on before.
     
  4. Glad you 'got it!' But.... who did you get to work out the actual amount.... the £.s.d!!!! I can't understand the teacher's pension site....like the idea in principal....but need the figures! cheers.[​IMG]
     
  5. cheekychops

    cheekychops New commenter

    I'm in the NUT and they recommended Teachers assurance for advice I found them very helpful. I teach in a primary school and am on upper pay scale i would like to drop two days but would need to take about 75% of my pension to make up the shortfall (still have a mortgage to pay) plus lump sum Would end up losing quite a bit of lump sum as only just turned 55, but am aware of this.
     

Share This Page