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Quick Question

Discussion in 'Retirement' started by emeralds, Apr 20, 2019.

  1. emeralds

    emeralds New commenter

    I am going to retire at the end of this year. Does this mean that the days counted towards my pension will end on 31st December even though the school holiday continues until the 5th January with school opening on the 6th?
     
  2. diddydave

    diddydave Occasional commenter

    Depends on when your contract ends, if there's no clear set date that you have to stick to then I'd say you should write your resignation letter with the specific date of 5th January. Check your contract to see what it says about notice periods etc
     
    emeralds likes this.
  3. Rott Weiler

    Rott Weiler Star commenter Forum guide

    If you are on Burgundy Book (national Conditions of Service for School Teachers), in an LA school or an academy that has adopted Burgundy Book, you can only resign from one of the three designated dates - 31st December in this case. Burgundy Book deems the autumn term to end on 31st December for employment purposes irrespective of when the last day of teaching is [Section 3, para 1.1] and that's the date you get paid to. So you couldn't resign wef 5th January.

    If not on Burgundy Book it'll depend on your contract but it would be an unusual contract if it let you resign from 5th January.
     
    emeralds and eljefeb90 like this.
  4. eljefeb90

    eljefeb90 Senior commenter

    I retired in December...2015. I wasn't sure about this and wrote Jan 4th. I had to re-do the whole **'':ing form!

    It's December 31st., unless your contract specifically tells you something different. I presume it was the end of August for summer leavers, not September 3rd.
     
    emeralds likes this.
  5. PeterQuint

    PeterQuint Lead commenter

    You should be assured that those few days would add perhaps a few pence to your pension.

    Okay, maybe a little more. But if you’re on UPS3 it should amount to £1.89 extra every year for each day worked on the average salary scheme, so £9.47 a year extra pension for those 5 days worked, that’s £0.79 a month.

    Less if you’re retiring early.
     
    emeralds likes this.
  6. emeralds

    emeralds New commenter

    Thanks for your replies everyone. £0.79 a month loss I can live with! I think you are all so kind giving your time to reply. I can't wait to retire and hopefully do the same. Feel exhausted for much of the time presently.
     
    PeterQuint and richest1 like this.
  7. diddydave

    diddydave Occasional commenter

    Might be worth checking that you are not going to be worse off by staying in for the last few months.

    The final salary scheme, which I presume you are fully in as you are going this year, can depend as much on what your best salary has been as much as the number of days you have worked.
     
    emeralds likes this.
  8. eljefeb90

    eljefeb90 Senior commenter

    I may be talking out of turn as I was a HoD and UPS3 and so my pension was relatively substantial, but I have absolutely no regrets about taking ARB three years early and losing 12% of my pension. I got out of a very stressful job that was literally doing my head in. Even from a financial point of view, I won't start losing out until my mid seventies when the money received from the three extra years is overtaken by the full pension. I am doing more and more invigilation jobs, which is stress free and earning three times the missing 12%.And yet financial considerations were my biggest concern when I was considering taking early retirement.
     
  9. HolyMahogany

    HolyMahogany Occasional commenter

    When I did my retirement calculations, I focused on what my disposable income would be, since I would no longer be paying national insurance or superannuation, these are a big chunk out of your monthly pay check, and I used my lump sum to pay off the mortgage, I realised that the amount of cash each month that I would have was not as low as I had assumed. I lost some money on ARR but gained on my best 3 years, in the last ten, having been a HOD some years ago.
    I now do a part time job and my disposable income is about the same as before I retired. I will need to keep this up for a while to get my 35 years towards a state pension but this is easy and achievable.
    My quality of life has improved enormously. No marking, no planning, no prep, I can finally get on with all those DIY jobs that need completing.
     

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