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Retirement advice

Discussion in 'Retirement' started by djhappy, May 26, 2019.

  1. djhappy

    djhappy New commenter

    I'm getting to that age when I get emails about teacher retirement seminars in my school inbox. Has anyone ever been on one? I don't need loads of financial advice or to be sold something, but it would be good to link with other people who are thinking of retiring in the next 12-18 months.
    Lara mfl 05 likes this.
  2. diddydave

    diddydave Established commenter

    I never went to one but did listen to colleagues who did, some said they picked up useful financial nuggets whilst others thought there was too much of a sales aspect to some of the companies that ran them. Quite a few were, surprisingly, unaware how quickly inflation can erode the value of the lump sum but I got the sense that was more often than not part of the sales pitch for various investment products (particularly when I heard some saying they had been advised to take the maximum lump sum conversion!)

    If you are financially savvy then I'm sure throwing ideas around in a group can be a benefit - this forum has given me a lot of food for thought, but frankly it boils down to working out what you need, want and whether your situation will provide that and if not what you can do about it. It was interesting in our last few years working it all out and then being pleasantly surprised that we could go before what we had considered our most ambitious date.
  3. Marshall

    Marshall Star commenter

    A fellow headteacher advised me a few months ago that a retirement seminar is too late when you are close to retirement. It's needed10 years beforehand so you can plan and reorganise your finances.

    I have since advised all my teachers to go on one asap.
    Lara mfl 05 and lindenlea like this.
  4. jonnymarr

    jonnymarr Occasional commenter

    I've been to two! The general feeling each time was that it was OK, especially for those who considered themselves to be pension 'newbies'. I would agree with the comment by Marshall about the-sooner-the-better, i.e. to allow you to make adequate & timely decisions.
    It's true, you do have to be aware of who is running it and why. If it's someone from the Prudential they will no-doubt hope to sell you AVCs / financial advisors will hope to sell you advice on products both now and in the future etc. There's nothing wrong with that - they have to earn a living - and the ones we had recently in school weren't particularly pushy, but it's always good to suss out what their motivation is for being there. In a few cases ( eg union seminars ) they are just sharing information 100% objectively and without any ulterior motive.
    I agree also with Diddydave - this forum has been a great resource for me over the years. It's not financial advice as such - nor should it ever replace that if you feel you need it - but it's reassuring to hear from people who are currently going through similar decisions / or to get opinions from those who have been there, seen it, done it. I'm pretty sure I've learnt more on here and through the wider reading & research it has provoked than I ever did at a pension seminar.
    Jamvic and Lara mfl 05 like this.
  5. Zoot

    Zoot New commenter

    I went to a Wesleyan seminar about 18 months ago and I learnt a lot. The event was structured so that each type of teachers' pension was covered in detail. I was able to leave contact details (my choice) to be contacted for a one to one meeting to look at taking my pension just before I am 60, with a one day break in contract and return to a different role. This will mean for me coming off SLT and going back to being a classroom teacher in primary. I found the follow up meeting extremely useful - looked at the options for phased retirement too. The company financial products were also discussed but no pressure to buy. It has allowed me to be able to make an informed decision about what would be best for me and I have a clear plan for 2021, when I will be 60. I have also been able to discuss my future plans with my headteacher so they can plan ahead. This forum is great - so many people post their experiences, calculations and point of view - it all helps.
    Jamvic, eljefeb90 and Lara mfl 05 like this.
  6. HelenREMfan

    HelenREMfan Star commenter

    The Weslyan came to us and a few of us attended and some of what he said was helpful and no, there wasn't any push on their 'products'.
    Jamvic likes this.
  7. eljefeb90

    eljefeb90 Senior commenter

    The Wesleyan have a commercial arrangement with the NASUWT, but I found they were very objective and there was an absence of any sort of hard sell. At the time I attended their seminar I only had a vague idea of the financial implications of retirement. I knew I wanted out of an increasingly untenable job, but still viewed retirement as the ' nuclear option'. The seminar enabled me to work out the hard figures and to opt for early retirement. It really was a seminal moment.
    Jamvic and Gainingcontrol like this.
  8. richest1

    richest1 Occasional commenter

    Does the school have to give you time to attend one of these?
  9. Jamvic

    Jamvic Star commenter

    Totally agree with this. This area of TES has been invaluable to me and I am very grateful to the many people who pointed me in the right direction when researching my own situation prior to retirement by sharing their experiences, thoughts and advice.
    eljefeb90 likes this.
  10. Gainingcontrol

    Gainingcontrol New commenter

    Research and planning are the key to making carefully weighed decisions about which you will have peace of mind. Being informed about your options should be a gradual process that builds your pension/investment/retirement knowledge as far in advance of your decision as possible. If you know that you can retire at 55 (with a c.80% pension) you can explore the other options and make plans to maximise your choices about when and how you retire. A programme to eliminate debt is part of that process. You will feel more in control of your life, and perhaps enjoy working for longer, if you have a plan with options than if you drift along and are forced to react to circumstances at short notice. Always try to have a Plan B, C & D. These will include part-time working or phased retirement to balance health, wealth and time.
    Prim, eljefeb90, Jamvic and 1 other person like this.
  11. djhappy

    djhappy New commenter

    Just finding this forum has made my mind up that I don't need to go to one of these meetings. I wanted to be able to share thoughts and ideas about retirement, something that doesn't happen in your own school situation. Thank you for all the comments. I'm sure I'll be back here with more questions at some point!
    Jamvic likes this.
  12. suelh

    suelh New commenter

    Hi - I'm also thinking of taking early retirement in the next 12-18 months and this forum is a great source of information ( and inspiration from those who have already done it) I have had a plan in place since 2015, so hopefully this will come to fruition and I can finish in 2020. I'm sure I'll also be back with questions as the next academic year moves on.
    Jamvic likes this.
  13. eljefeb90

    eljefeb90 Senior commenter

    Three cheers for this forum ! It's not just the practical information, it's learning from other people's experiences. Even though I was overjoyed to leave, retirement is a massive change and stirs up a lot of contradictory emotions, especially if, like me, you felt disenchanted and worn down at the end of your career. It can be hard to readjust to retirement and this forum has been a great way of seeking and finding mutual support. Thanks colleagues!
    Jamvic and PeterQuint like this.
  14. PeterQuint

    PeterQuint Lead commenter

    It's helped me in any number of ways. The main thing I've learned is the importance on planning. As Yogi Berra once said "You have to be careful if you don't know where you're going, or you might not get there".
    eljefeb90 and Jamvic like this.
  15. TheFonze

    TheFonze New commenter

    If you do decide to attend one of these retirement planning courses its important to check that they are approved by Teachers Pensions or your teaching union. There are a number of private and unapproved companies out there running these courses, which are simply Trojan Horses for financial advisors to get access to your pension lump sum. See the warning issued below:

    WARNING: Please be aware that there are private providers of retirement courses that are not necessarily conversant with all the options, up to date provisions, changes and proposals related to the Teachers' Pension Scheme.

    NAHT was a full member of the TPS Review Groups and continues to represent members in national consultations. Thus, NAHT has the most up to date information, knowledge and advice. The same cannot be said of private providers because none are part of any consultations.

    Furthermore, despite what may be intimated no private provider is approved or recommended by the Department for Education or Teachers' Pensions.

    Please beware before you or any of your colleagues sign up on such courses. Wrong information may lead to wrong choices. Colleagues should defer to their union pension experts.

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