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Premature retirement

Discussion in 'Retirement' started by entima, Dec 7, 2018.

  1. entima

    entima New commenter

    Hello,

    I am 57 and have been teaching for 25 years. Teaching is not what it was and finding it hard going and losing interest. If I was to ask for premature retirement, what chances would there be that the governers would accept on the grounds of efficient exercise of employer - we are over staffed in our faculty - recently the school has taken on young teachers and NQT's.
    I understand my pension and lump sum would be adjusted and the school would have to pay the difference - would this be the difference if I were to retire at NPA of 60?
     
  2. emerald52

    emerald52 Star commenter

    Go on the TPS website and use the tools there to model different outcomes.
     
    border_walker likes this.
  3. PeterQuint

    PeterQuint Lead commenter

    You can go when you want.

    If you’re asking whether you might be offered an ‘enhanced’ deal to leave, I suspect you’ll be disappointed. It’d cost them a fortune, and schools are skint. You might get lucky, but I suspect your chances are slim.

    Your best bet, if the school is over-manned and you think cuts in staffing are coming, is to remain absolutely silent about wanting to go, and wait for them to ask for voluntary redundancies.
     
  4. Sundaytrekker

    Sundaytrekker Star commenter

    I agree with Peter. It’s extremely expensive for schools. They would be better making you redundant.
     
  5. 50sman

    50sman Lead commenter

    If you want to leave that is fine - the school does not have to make you redundant.

    You can fill in the arb form at any time - technically the school can refuse to let you go but only for 6 months. If you really want to leave go to TPS website , check calculations and fill in the form with a retirement dat of 31st August 2019. That gives the school two terms to find someone cheaper or decide not to replace you at all.

    You then have 8 months before the rest of your life starts.
     
  6. FrankWolley

    FrankWolley Star commenter

    Remember if you retire early, taking a reduced pension, you can earn whenever you like thereafter without affecting your pension. So, if you need to top up your income, you can do as much (or as little) supply etc as you want.

    NB I retired at 56, nearly 57. 5 years on I have found my reduced pension quite sufficient, and haven't needed to look for extra work. Retirement is great!:D
     
    Dorsetdreams and eljefeb90 like this.
  7. PeterQuint

    PeterQuint Lead commenter

    [QUOTE="FrankWolley, post: 12684285, member: 6769206 I retired at 56, nearly 57.5 years on... [/QUOTE]

    You're 113.5 ?

    :D
     
    lindenlea likes this.
  8. eljefeb90

    eljefeb90 Senior commenter

    If you think a redundancy is likely , hang on in there for the short term. It depends how intolerable you feel the job has become, of course, and whether you can stick it out. Should this redundancy prove unforthcoming, remember that you actually start 'missing out' financially in your late seventies if you take ARB.You will access your pension three years early, so this will offset the reduction until you are well into state pension age. I retired at 57. I am so glad I did. I had a healthy pension as I was a HoD and had done 35 years. I now do a series of low stress part time jobs to pay for holidays mainly. I have made it a practice to go on four or five foreign holidays between September and March. I have just completed a 60 hour week invigilating professional exams and I have found that it has been easy to find non teaching work, should you want it. I am spending next week in sunny Alicante just to redress the balance a bit.
     
  9. FrankWolley

    FrankWolley Star commenter

    You're 113.5 ?

    :D[/QUOTE]


    Glad to see at least one person reads my posts!;):D

    Maybe 5.5 years on is more precise!
     
    lindenlea and PeterQuint like this.

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