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Taking AAB

Discussion in 'Retirement' started by cuds, Sep 22, 2015.

  1. cuds

    cuds New commenter

    Can anyone help?

    I am 55 and have 32 years teaching in the bank

    I teach three days a week now

    I am keen to move out of teaching and would like to work as a TA

    Could I find a suitable TA post ,resign from my teaching job and then claim my pension at that time?

    I am not sure if you are supposed to retire first and then after pension is claimed and in place find other employment.

    I do not want to stay in teaching but I am not ready...financially or personally to retire.

    Any answers?


  2. lizziescat

    lizziescat Star commenter

    You need proper qualified advice so phone TPS and contact your union for information or expertise they may have re options on delaying/taking your pension.
  3. lindenlea

    lindenlea Star commenter

    Good advice from lizziescat but i would add that if you were planning on working it might be better not to take your teacher's pension yet. Your new income might be small but might be enough to manage on and each month you put off taking your teacher's pension adds a little more to it. If you could go on for perhaps a couple of years it would make quite a difference to your pension income which is what is important long term.
  4. Morninglover

    Morninglover Star commenter

    My understanding is that if you retire early, you can take your pension and then start work again with no loss of pension (you've already given up some of your pension, remember) providing there is one day break of service.... (So not the same post). There are forms to fill in, available on the TPS website, if you want to do this.

    So, in answer to the OP, I'm sure he can do as he wants, and he can either take his pension at that point (which will be a lower amount, but he'll get it for longer), or defer it (then getting a higher pension, but not for so long). That's a decision only he can make, of course.

    But do check with TPS for confirmation of this, of course.
  5. lindenlea

    lindenlea Star commenter

    Beautifully explained Folkfan. I knew the above but had no faith in my ability to put it succinctly.
  6. old_dobbin

    old_dobbin Occasional commenter

    I'm sure FolkFan is correct. Remember that your pension will be reduced by over 20% if you take it at age 55 and that you will also lose the years you could have worked until age 60. I think that's a total of 11.5 years or so. I don't know if you can join the TPS as a TA.

    For someone earning say 45,000 that means a loss of potential pension of about 6,500 a year for life. However, things will perk up considerably when you get your state pension in about 11/12 years' time.
  7. Dunteachin

    Dunteachin Star commenter

    It's swings and roundabouts. I retired at 55 and have, obviously, had an extra five years of pension, albeit reduced. I worked out I'd be mid-seventies before I'd be running at a loss, but I'll be lucky to make that, given my genes. A bird in the hand...
  8. Morninglover

    Morninglover Star commenter

    That was my thinking too (retired shortly before 57th birthday...)
  9. Jolly_Roger1

    Jolly_Roger1 Star commenter

    It's worth considering that although you might have a lower income by taking your pension early, you will have an additional five, reasonably healthy years to enjoy your retirement. Given that teaching is becoming continuously more stressful, if you wait until you are sixty, you will have fewer years and possibly be in poorer health to enjoy them. Retirement should be more than waiting for the district nurse to come and change your catheter!
  10. lizziescat

    lizziescat Star commenter

    This is certainly a consideration, as a friend once said to me retiring early is like buying an extra year of life.

    However the OP did say that they cannot financially afford to retire so 'banking' their pension may be the option. 5 extra years of retirement may not be so pleasant if you have to worry whether you can afford to put the heating on.

    I know of a number of people who retired early, (topping up their income with some casual work or supply) 6-7 years on when this is no longer doable(or they're not wanted) they are struggling on their reduced pension. I made my calculations on what I would need when I am 85 (not only unable to work but also possibly needing to pay for more services as I can do less and less for myself.
  11. Dunteachin

    Dunteachin Star commenter

    You certainly have to do the sums, as lizziescat says. Mine were based on having no mortgage and a spouse who pays most of the bills. If he snuffs it, I'll be Ok if I get his pension but, otherwise, I 'll be in a tight spot.:eek:
  12. cuds

    cuds New commenter

    Thank you for all the good advice.
    As someone said it is swings and roundabouts.
    I do appreciate all the contributions
    Many thanks
  13. carioco

    carioco New commenter

    Hi Cuds
    Clearly everyone's circumstances are different. If you take AAB earn as much as you want in addition. If you can afford to live on the TA income then waiting to take your pension would have advantages. However, remember that when you reach State retirement age your pension will kick in providing extra income.
    Good luck, be happy

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