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Retirement ... when did you receive details of the amount?

Discussion in 'Retirement' started by Anniecarol, Mar 11, 2019.

  1. Anniecarol

    Anniecarol New commenter

    I've applied for retirement, giving the date of my birthday in April 2019 as my retirement date. I know that I will be back paid so will receive the first payment in May. My question, to those of you have already retired, is when did you receive exact details of what your pension would be? Can I expect to hear near my birthday or is it more likely to be before the first payment in May? I cannot find the answer to this on the TP website.
     
  2. Brianthedog

    Brianthedog Occasional commenter

    I phoned them up today as my pension details disappeared off the TPs site a couple of weeks ago.
    The person I spoke to couldn't give me the exact figure as it hadn't been checked by a senior person, but I told him what I thought I could be getting, and he confirmed that was what my pension should be. He said I would be notified within a couple of days of my retirement date. I will get my lump sum in the first day of my retirement and will get my monthly payment probably on 7th may, as my birthday is 7th.
    You will get your monthly payment on your birth date each month.
     
    richest1 likes this.
  3. pmichelmore

    pmichelmore New commenter

    I am retiring on the 14th March this week, my finalised details from my employer were agree on last Friday and the TPS have told me it takes 10 working days from then for the lump sum to be paid, I imagine I will be told the exact amounts sometime in the next 10 days.
    Like Brian I was directed to the most recent Benefit Statement on the TPS website as a close guide to the actual amounts.
     
  4. smoothnewt

    smoothnewt Star commenter

    I set my 60th birthday as my retirement date last November and was sent the final details during the week before my birthday.
    The lump sum was paid on my birthday, if I recall correctly.
    I receive my monthly payment on the day in the month numerically before that of my birthday.
     
    border_walker and jlishman2158 like this.
  5. Brianthedog

    Brianthedog Occasional commenter

    Pmichelmore, are you spending your first Sunday as a retiree lounging around without needing to think about going into work tomorrow??.
     
    smoothnewt likes this.
  6. Anniecarol

    Anniecarol New commenter

    Many thanks for your answer. Very helpful. I'm taking early retirement and I'm a deferred member so here's hoping that my calculations tally with TP's.
     
    smoothnewt likes this.
  7. Anniecarol

    Anniecarol New commenter

    Good luck with your retirement. I hope you celebrated your escape!
     
    pmichelmore and smoothnewt like this.
  8. Brianthedog

    Brianthedog Occasional commenter

    I've just been notified today what my pension and lump sum is going to be, and when I will get paid. I will get my lump sum on 1st April, the first day of my retirement, and my pension on 6th of each month, the day before my birthdate. Interestingly, my tracker in TPs has gone back to 20%
     
  9. richest1

    richest1 Occasional commenter

    How long was it between the 60% processed and the notification Brian?
     
  10. Jamvic

    Jamvic Senior commenter

    For me it was about a 3 week gap between the 60% progress appearing and my TP account area changing to retired status with the details of my pension/lump sum amounts provided.
     
    richest1 likes this.
  11. Braindead101

    Braindead101 New commenter

    I don't think TPS like to give out notifications too early, to minimise the chance of errors in the statement. For me, notification arrived via message on the TPS site 2 days before I retired on May 1st. I haven't had written notification yet but, most importantly, the lump sum was in the bank on time...

    ...Is it sad to be on tes.com on the 1st day of my retirement?
     
  12. pmichelmore

    pmichelmore New commenter

    Absolutely, frankly now after 6 weeks, I’ve lost any idea about whether it’s a Sunday or Thursday. The thought of teaching hasn’t entered my mind once, you?
     
  13. there-almost

    there-almost New commenter

    I spent my 1st morning of retirement in school organising a charity fund raising event … now I'm on here too.

    I don't think finishing 2 weeks into a new term has been helpful. Who had the great idea that retirement at Easter meant going back to work for another couple of weeks?

    BTW I had a message in my TP account a few days ago about my amounts. My lump sum arrived in my account today, but I have to wait until the 27th for my 1st monthly payment due to my birth date.
     
    richest1 likes this.
  14. richest1

    richest1 Occasional commenter

    Had my confirmation of the lump sum and pension today, thats nice and early :)

    Very pleased needless to say.
     
  15. Brianthedog

    Brianthedog Occasional commenter

    Sorry for the delay replying
    I cant actually remember, but I did get a message on the TPs website about a week before I retired giving me my payment details. I only got a payslip a couple of days before my first monthly payment, which was about 4 weeks after I actually retired.
     
    richest1 likes this.

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